Shepherd and Wedderburn acts for the Scottish National Investment Bank in its equity investment into Nova Innovation

Shepherd and Wedderburn acted for the Scottish National Investment Bank (the Bank) in its equity investment into Nova Innovation, a leader in tidal energy.

Nova Innovation manufactures and distributes innovative subsea tidal turbines, which transform the power of the sea into clean, predictable energy.

The Bank provides patient capital investment to businesses, projects and communities as part of its mission to build a stronger, fairer, more sustainable Scotland.

John Morrison, a Partner in Shepherd and Wedderburn’s corporate finance team, said: “We are delighted to have once again supported the Bank on its mission driven investment activities. This deal highlights the potential of Scotland’s renewable energy sector to lead the world in the development, and deployment, of innovative, clean technologies.”

Clare Foster, a project finance Partner and Head of Clean Energy at Shepherd and Wedderburn, said: “We understand that the combination of funding with innovation is key if we are to accelerate a green recovery from the pandemic and tackle the climate crisis. This type of collaboration between the Bank and developers of innovative technology will help to reinforce Scotland’s position as a global leader in sustainability.”