Boost for confidence in UK wave and tidal sector
The REA welcomes the news today that The Crown Estate may be willing to invest up to £20 million in the UK’s first wave and tidal stream array projects . REA Head of Marine Renewables Dr Stephanie Merry comments:
“This is yet another very welcome intervention from The Crown Estate. The early-stage risks and long payback periods for investment in wave and tidal energy can make it difficult for budding and innovative developers to attract finance for projects. Recent political uncertainty – not least over how the Energy Bill will be made to work for renewable energy – has only exacerbated the situation.
“The Crown Estate is a well established and well respected body in the sector, and by putting its own money where its mouth is, we expect this to boost the confidence of other prospective investors. There’s still a long way to go for marine renewables in the UK, but interventions like this will be recorded by future technology historians as key milestones in the development of marine renewables, and indeed the broader manufacturing renaissance in which renewable energy can – and we hope will – play a major part.”
The Crown Estate will be accepting applications to the fund until 15th February 2013, and we wholeheartedly encourage REA members to apply.
The Renewable Energy Association represents renewable energy producers and promotes the use of all forms of renewable energy in the UK across power, heat, transport and renewable gas. It is the largest renewable trade association in the UK, with over 900 members, ranging from major multinationals to sole traders. For more information, see: www.r-e-a.net
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