The EU is proposing to spend hundreds of millions of euros to help the budding ocean energy industry to provide a tenth of the bloc’s power by 2050. The boost would take the form of a €250m investment fund, with an additional €70m set aside for insurance, loans and guarantees, according to the roadmap for channelling the potential of wave and tidal energy. The money would be supplied by the EU and its member states and should work as a buffer for companies that are attempting to cross the “valley of death” between demonstration projects and the energy market. In further good news for the sector, Carnegie Wave Energy in Cornwall announced that it had secured £9.6m of EU funding that would enable it to connect England’s first commercial-scale wave power project to the grid. A 15MW array at Cornwall’s wave hub centre should now be commissioned in 2018, before commercial deployment in 2021. The local MP and former environment minister George Eustice, who campaigned for Brexit, said that the news showed that Cornwall was “well positioned to play a significant role in securing the UK’s continued reputation as a market leader in offshore renewables.” Later this year, Atlantis Resources will complete the first phase of a 6MW MeyGen project in Scotland, which will be ramped up to 86MW before reaching a full generating capacity of 398MW in 2025.
Guardian 9th Nov 2016 read more »