The Highland Council has signed off plans to establish a Highland Wealth Fund to secure a long-term legacy from renewable energy development, ensuring enduring benefits for communities across the region.

Drawing on the principles of the Norwegian Sovereign Wealth Fund, the new partnership-led vehicle will back strategic, regional, area and local priority projects so that the energy transition delivers lasting value for current and future generations.

Investment will be guided by priorities set out through the Invest Highland website and prospectus, launched in December 2025. These include: housing (new builds, retrofit schemes and homes for key workers); connecting people and places (transport upgrades, roads and bridges, and improved digital access); jobs and skills (training, apprenticeships and local employment); reducing inequalities (projects addressing poverty and social isolation); community infrastructure (better local facilities and services); and environment and biodiversity (climate adaptation and nature restoration, including flood defence schemes).

The initiative builds on the Highland Social Value Charter, a nine-point framework agreed by the Council and the Highland Community Planning Partnership in June 2024, designed to ensure consented renewable energy and green infrastructure schemes generate long-term community value.

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The fund will serve as a partnership-led strategic investment mechanism, directing strategic contributions secured through the Charter alongside other public and private finance, helping to spread the benefits of energy projects more widely across the Highlands.

As part of the Charter, Glen Errach Energy has already committed to allocating 20 per cent of its own Community Wealth Fund valued at £20 million per year, to support strategic Highland-wide projects.

Convener of the Highland Council, Councillor Bill Lobban said: "The Highland Wealth Fund will help ensure that the benefits of renewable energy development are shared more fairly across our communities. It provides a clear way to invest in housing, infrastructure, jobs and community projects that will make a lasting difference across the Highlands. The Council will continue working with the Scottish and UK Governments to seek stronger, more consistent arrangements to ensure communities benefit from investment in energy projects."

A new Partnership Board will oversee the Highland Wealth Fund, comprising representatives from communities, public sector bodies and developers, with Highland councillors accounting for one third of its membership.

The Council will act as the accountable body, administering the fund, ensuring money is spent appropriately, approving investment decisions and annual delivery plans, and confirming that funding proposals align with agreed priorities.

An annual delivery plan will set out which projects receive support each year, and governance arrangements will be reviewed regularly to ensure the fund continues to meet local needs.

Following decisions made at a meeting of the Highland Council today (Thursday 25 June), work will now focus on finalising governance, engaging with developers and partners, preparing the first annual delivery plan, and bringing forward projects for investment.