Citigroup reports the BBC, said  that the referendum process will create huge uncertainty at the when major decisions on green projects are needed, cavalierly dismissed by Scottish ministers who say big companies are already investing heavily in Scotland and much of the renewable energy produced would be for export.

The Citigroup analysts report, which appears untraceable on the web, said SNP's two flagship policies of an independence referendum towards the end of the current parliament and a big increase in renewable energy and green jobs - may be in conflict, arguing the referendum will "create huge uncertainty" when big investment decisions in renewable projects  need to be taken.

An independent Scotland would have too small a consumer base to generate the annual subsidy of £4bn, believed necessary to support reliance on renewable energy. The report states: "Continued subsidy from consumers in England and Wales would be required, but Scotland seceding from the UK would clearly place this subsidy stream at grave risk.

"Renewable investors risk seeing their assets stranded in a newly independent Scotland."   Citigroup report concludes: "Utilities and other investors should exercise extreme caution in committing further capital to Scotland."

 Scottish government dismisses  claims as  "wrong"
"Major international corporations, such as Mitsubishi, Doosan and Repsol, as well as domestic firms, are investing for the future in Scotland's world leading renewables industry, a process that has continued since the government confirmed plans for an independence referendum in the latter half of the parliamentary term," said the spokesman.

"The analysis also fails to understand that much of the renewable energy which will be produced in Scotland will be for export, not just for Scottish consumers - energy is a scarce resource, and Scotland's abundance of renewables will continue to make it an attractive market for investors.

"And what Scotland doesn't need are more massive subsidies paid for more costly and dangerous nuclear power stations." Scottish ministers added that research from the Scottish Renewables body showed £750m of new renewable electricity projects began generating in Scotland in the last year alone.

However,  the issue of whether the national grid is capable of handling massive renewables power exports has not yet been clarified. Turbines, at a range of sites in May had to be turned off because the grid network could not absorb  all the energy they generated.