The company will work in partnership with the Scottish Government, Energy Regulator Ofgem and independent academic advisors to fund initiatives focussed on the decarbonisation of the transport and heating in the country.
Any schemes seeking shared or full funding will require to demonstrate that they truly have green credentials and are targeted at areas that may ordinarily struggle to access funding. Lessons learned from projects supported by the fund will, in turn, be shared with other communities to ensure others can benefit.
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The initiative will help the Scottish Government towards its target to phase out the sale of new petrol and diesel cars completely by 2032, as well as substantially reducing emissions from heating.
Frank Mitchell, Chief Executive of SP Energy Networks, said: "We are proud of the performance of our business, it is leading the way in innovation for our industry and we recognise the importance of what we do every day to support the communities we serve.
"Today we are launching the SP Energy Networks - Green Economy Fund. This is a call out to communities and businesses to come forward with their own ambitious projects that support Scotland's low carbon future and create jobs in our communities."
Energy Minister Paul Wheelhouse added: "This is a very positive announcement by SP Energy Networks which aligns well with our own £60 million Low Carbon Innovation Fund, designed to help deliver the ambitious low carbon transport and heat goals set out in Scotland's Energy Strategy. I look forward to working with Scottish Power Energy Networks to ensure that, in partnership, we can maximise the impact from our respective initiatives for Scotland."
(LM)
