UK private investor syndicator Hotbed has completed its second investment in Scottish renewable energy company Burcote Wind, reaching its target of £5.7 million.

The Dunfermline-based company specialises in onshore wind energy opportunites in Scotland, identifying sites and developing them to planning permission stage. It currently has options or exclusivity agreements in eight sites with a combined potential generating capacity of over 400MW, capable of powering around 300,000 homes.

"Government energy targets make the investment case for renewables compelling, but what makes Burcote Wind so attractive is the management team's track record in gaining planning permission," said Russell Pope, Chief Investment Officer at Hotbed.

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"Burcote Wind understands just how crucial public support is to the success of an individual site, which is why it puts so much emphasis on finding the right locations which are both economically viable and acceptable to the local community in terms of their impact.

"The fact that 70 per cent of those attending recent public engagement events about potential wind farm sites in their localities were in favour of Burcote Wind's proposals demonstrates that they are getting their targeting right," he added.

The deal follows the recent Energy Market Reform White Paper issued by the Department of Energy and Climate Change, which offers incentives for energy companies to change to renewable resources. This is likely to drive future growth in the renewable energy sector.

The announcement follows a £3.3m investment in 2009 to help development, although more sites were identified than originally anticipated and more funding was required.

(CD/KMcA)