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Osborne announces £103m 'new money' for renewables Osborne unveils £103m renewables funding for Scotland
(40 minutes later)
Chancellor George Osborne has announced an extra £103m funding for renewable energy in Scotland.  
He said the money from the Fossil Fuel Levy was additional to the UK government's existing budget and the spending of the Scottish government. Chancellor George Osborne has announced an extra £103m of funding for renewable energy in Scotland.
Scotland's Finance Secretary John Swinney said the funds were "long awaited" but welcome. The money from the Fossil Fuel Levy was additional to the Scottish government's budget, but within the UK's overall spending plans and contingencies.
Scotland's Finance Secretary John Swinney said the funds were "long-awaited" but welcome.
Accompanied by Chief Secretary to the Treasury Danny Alexander, Mr Osborne made the announcement in Easter Ross.Accompanied by Chief Secretary to the Treasury Danny Alexander, Mr Osborne made the announcement in Easter Ross.
The UK and Scottish governments have reached an agreement on accessing funds from the Fossil Fuel Levy, a tax paid by suppliers of non-renewable energy sources.
It currently holds about £200m.
Under the new deal, £103m will go towards Scottish renewable energy projects, including wave and tidal schemes.
The remaining £100m will be made available to support the capitalisation of the £3bn UK-wide Green Investment Bank.
Mr Osborne said the UK government was committed to creating jobs across Scotland - particularly in the green energy sector.
He said: "It's great news that we have been able to cut through the arguments and the wrangling with the Scottish government that have stopped this money being invested in the past.
"It shows how serious the UK government is in its support for Scotland's green future."
Mr Alexander added: "The UK government is strongly committed to supporting the growth of this sector in Scotland in the long term."
The Scottish government has been calling for money to be released from the Fossil Fuel Levy, which is held by Ofgem, so investments can be made in onshore and marine renewable projects.The Scottish government has been calling for money to be released from the Fossil Fuel Levy, which is held by Ofgem, so investments can be made in onshore and marine renewable projects.
Mr Swinney said: "For too long Scotland's money has been sitting unspent in an Ofgem account in London."Mr Swinney said: "For too long Scotland's money has been sitting unspent in an Ofgem account in London."
He added: "Scotland has the natural renewables resources to become the green energy powerhouse of Europe using all forms of renewables including hydro, wave, tidal, onshore and offshore wind."He added: "Scotland has the natural renewables resources to become the green energy powerhouse of Europe using all forms of renewables including hydro, wave, tidal, onshore and offshore wind."
'Modern energy''Modern energy'
Mr Osborne made the announcement at a former oil rig construction yard at Nigg.Mr Osborne made the announcement at a former oil rig construction yard at Nigg.
Last month, it was revealed the site was to become a service hub for the energy industry.Last month, it was revealed the site was to become a service hub for the energy industry.
Inverness and Aberdeen-based Global Energy Group purchased Nigg from KBR and the Wakelyn Trust for an undisclosed fee.Inverness and Aberdeen-based Global Energy Group purchased Nigg from KBR and the Wakelyn Trust for an undisclosed fee.
The company intends to develop the 238-acre (96.14 hectares) to meet contracts from the oil, gas and marine energy markets. The company intends to develop the 238-acre (96.14 hectares) site to meet contracts from the oil, gas and marine energy markets.
The firm expects to employ 2,000 people by 2015.The firm expects to employ 2,000 people by 2015.
First Minister Alex Salmond travelled to Nigg to make last month's announcement.First Minister Alex Salmond travelled to Nigg to make last month's announcement.
He also confirmed funding of £1.8m from Highlands and Islands Enterprise (HIE) - to help transform the site into what Scottish government sources call a "multi-use modern energy park".He also confirmed funding of £1.8m from Highlands and Islands Enterprise (HIE) - to help transform the site into what Scottish government sources call a "multi-use modern energy park".
Nigg is expected to compete for work with Ifab, a new yard in nearby Invergordon opened by Aberdeen and Invergordon-based Port Services Group.Nigg is expected to compete for work with Ifab, a new yard in nearby Invergordon opened by Aberdeen and Invergordon-based Port Services Group.