Ireland Launches Ocean Energy Initiative

Irish Energy Minister Eamon Ryan has announced a program of activity, grants and supports to develop ocean energy in Ireland. Over EUR 26 million in targeted funding will go to the sector over the next three years. The Minister also announced a significant boost for the future of the sector with the first ever, guaranteed price for wave energy.

In 2008, the plan will include €1 million towards a National Ocean Energy facility at University College Cork, €2 million to develop a grid-connected wave energy test site, €2 million in grants under the Ocean Energy Prototype Fund to help developers to make their devices commercial, the introduction of a new feed-in-tariff for wave energy of €220 per megawatt Hour and €500,000 to establish an Ocean Energy Development Unit as part of Sustainable Energy Ireland (SEI).

“We have unparalleled ocean resources in Ireland. The aim behind this R&D funding is to enable Ireland to win the race of developing a full-scale, commercially viable ocean energy device for generating electricity,” said Minister Ryan.
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