Renewable energy in demand as venture capitalists seek "safe haven" VENTURE capitalists are flocking to Britain's renewable energy sector as a "safe haven" from the Eurozone debt crisis, according to figures released ahead of a major conference this week. Nineteen venture capital-backed deals have taken place in the UK so far this year, worth a total of £267.3 million, dwarfing last year's £162.2m haul, which came via 23 deals. Appetite for deals on the continent has dipped despite Germany turning to alternative sources of energy following the Fukushima nuclear ­accident in Japan. Ian McCarlie, an energy partner at law firm Pinsent Masons, which analysed the figures from data provider Preqin, said: "It may be that the UK is gaining something of a "safer haven" status. We're seeing venture capitalists being equally as active as in the previous year in terms of deals, but paying more on average to get into the game. But McCarlie warned: "We can't afford to rest on our laurels. We need to remember that this is a global competition. The UK may retain attractiveness comparative to Europe, but investors also have the option to look at projects in Asia Pacific, Africa and the Middle East. He highlighted proposed changes under the UK government's draft Energy Bill that will influence investors" choices­, such as alterations to the subsidy systems for renewable energy from 2017 onwards. His comments came ahead of this week's RenewableUK conference in Glasgow, when more than 5,000 staff from 300 firms will assemble for the trade body's annual gathering. Maf Smith, deputy chief executive at RenewableUK, said: "It's make or break time. The Energy Bill is due within the next month and will reveal the UK government's intentions for the industry. "The autumn statement will also be key, especially following the positive comments David Cameron and George Osborne made about the "green economy" at the Conservative party conference." Meanwhile, Fife Council will use this week's conference to begin promoting its £3m Fife Renewables Innovation Centre (FRIC) at Energy Park Fife in Methil, the site of the former Kvaerner shipyard. The building, which was developed in partnership with Scottish Enterprise, was completed over the summer and already a quarter of its units have been leased out. One of the first tenants to move into the FRIC is Energy Project Management, which is developing Flumill, a tidal energy device created in Norway in 2002 that can be used in the sea or in rivers. Robin Presswood, a senior manager at Fife Council, said it is looking to develop renewable energy parks at Dunfermline, Kirkcaldy and Glenrothes.