Taxpayer-backed Scottish National Investment Bank hails £1 billion milestone and latest deal

The bank, which marked its fifth anniversary in November last year, was established to invest in companies and projects with potential to deliver both “financial returns and societal benefits”. It is wholly owned by Scottish Government ministers, on behalf of Scottish taxpayers, but operates independently from government.

The bank has now committed more than £1bn to companies and projects since being founded - putting it half way towards the Scottish Government’s ten-year, £2bn target.

To date, more than £1.7bn has been invested alongside the bank’s capital from private and public investors.

It comes as the bank unveils a £10 million investment in Inverness-headquartered Aurora Energy Services. The firm supports the renewable energy industry and provides services to help maximise the lifespan and performance of onshore and offshore assets. It employs more than 100 people in Scotland.

The bank initially provided debt facilities to Aurora in 2023, but the latest £10m is an equity investment that will see it become a shareholder in the business.

David Ritchie, chief executive of SNIB, said: “Aurora’s expert team is delivering impressive growth aligned to a clear strategy. The company has become a trusted partner for the renewables industry in Scotland and internationally, and we’re proud to support the next stage of its journey.

“This investment marks a key milestone for us as an institution. The £1bn we have committed is strengthening businesses and projects all around Scotland, driving economic growth, delivering tangible benefits and supporting jobs.”

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Doug Duguid, chief executive of Aurora Energy Services, said: “Aurora has already grown strongly in all its markets, and the bank’s long-term support will help us continue to deliver on our strategy. We expect our revenue to increase by around 30 per cent this year from £90m in 2026 to around £120m.

“This investment will be focused on increasing our range of training by enhancing our facility in Inverness, alongside additional workshops and offices in both Wick and Aberdeen and in the US. In addition, this investment will enable us to continue our development of new technologies which enhance the economics of offshore and onshore wind.”

As part of its growth strategy, the company has expanded to international markets, including the US, Australia and Chile. It has also made six strategic acquisitions, targeting businesses that increase Aurora’s service offer and expertise, helping to drive the global energy transition.

Deputy First Minister Kate Forbes said: “Reaching £1bn in committed investment and helping drive over £1.7bn of third-party co-investment is a significant milestone for the Scottish National Investment Bank and for Scotland’s economy.

“The bank plays a vital role in supporting businesses and investments that are driving innovation, transforming communities and accelerating Scotland’s transition to net zero.

“The Scottish Government is focused on greater economic growth, supporting communities to thrive and ensuring Scotland is at the forefront of the global energy transition. The bank reaching this £1bn milestone, supporting over 50 companies and attracting significant investment shows we are making real progress towards that ambition.”