ENERGY and property group Intelligent Land Investments (ILI) has secured £1.6 million funding to support work on three water-powered electricity projects in Scotland.

Lanarkshire-based ILI will use the money to help it progress plans for a pumped hydro storage generator on the shores of Loch Ness.

It is developing proposals for other facilities on sites in the Highland and Argyll and Bute.

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Pumped hydro storage schemes can generate electricity by allowing water to move between reservoirs.

ILI applied for planning permission for the Loch Ness scheme, called Red John, in February.

The company said yesterday it has worked with local interest groups and addressed their concerns on heritage issues.

Chief executive Mark Wilson said pumped storage hydro schemes could play an important role in supporting the roll out of other renewable energy facilities.

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Energy from PSH schemes can be stored for usage when output from other sources falls below requirements.

“Our projects alone could help offset 2 million tonnes of CO2 a year, helping ensure we can meet our climate promises for net zero,” said Mr Wilson.

ILI secured the funding from investors through the Abundance crowdfunding platform in less than three weeks. It said investors were offered a fixed annual return of 10 per cent for three years.