Scotland investing $3.67 million to make wind development cost effective

The Scottish government said it was investing more than $3.5 million to cut the cost of offshore wind energy development by at least 10 percent.

The Scottish government announced the investment in the independent Carbon Trust company's offshore wind accelerator program, a research and development project meant to foster widespread international collaboration in wind energy development.

Scottish First Minister Alex Salmond said the $3.76 million invested through 2016 could make offshore wind energy development more efficient.

"Our support for the offshore wind accelerator further highlights Scotland's position as a global leader in renewables development," he said in a statement Sunday.

Scotland aims to generate the equivalent of 100 percent of its annual electricity consumption through renewable energy resources by 2020. Scotland holds a referendum for independence in September and says it could support itself in part from oil and gas revenue while powering its economy with renewable resources.

Carbon Trust Chief Executive Tom Delay said Scotland's efforts are making the offshore wind industry more cost effective.

"The sector has huge potential to generate low-carbon power and create economic value," he said. "Key to that success will be driving costs down through innovation and doing this quickly."