Region is UK's first Low Carbon Economic Area - Investment in marine renewables will top £100m - Wave Hub gets the official go ahead The South West of England will become a world centre for wave and tidal energy under plans published by the UK Government today. The region has been designated as the UKs first Low Carbon Economic Area because of its strength in marine energy. The UK Government will make £19.5 million available as part of a £100 million two-year investment programme in marine renewables being led by the South West RDA (Regional Development Agency). The Government investment includes £9.5 million for the RDAs pioneering Wave Hub project, which received the official go-ahead from the South West RDA today and could create more than 1,800 jobs in the UK. A further £10 million has been made available for the RDA to support other marine energy projects in the South West. The ERDF (European Regional Development Fund) Convergence Programme also announced today that it will invest £20 million in Wave Hub, which will be commissioned next summer. The first equipment orders have been placed this week. With government, RDA, European and private sector funding, total investment in the South Wests marine energy programme in the next two years is expected to top £100 million, putting the region at the forefront of this emerging global industry. Lord Mandelson, Secretary of State for Business, Innovation and Skills, named the South West as the UKs first Low Carbon Economic Area at the launch of the Governments Low Carbon Industrial Strategy in London today. (July 15) Stephen Peacock, Enterprise and Innovation Executive Director at the South West RDA said:
"This is about a new industry and new jobs, and the South Wests critical role in building a greener global economy. Being identified as the UKs first Low Carbon Economic Area is a tremendous accolade and recognition of our commitment to develop this unprecedented economic opportunity. We want to forge a new industry from the seas around our shores and todays announcements cement our position as a global leader in wave and tidal technologies."
" We also welcome the Low Carbon Industrial Strategy which sets out a range of opportunities to ensure that we take advantage of a global market for low carbon products and services that could be worth £4.3 trillion by 2015."
The announcements mark a significant milestone in the Wave Hub project, a giant grid-connected socket on the seabed off the coast of Cornwall for wave energy devices to be tested on a scale not seen before. The South West RDA has today confirmed:
- Total Wave Hub project now valued at £42 million, with funding secured from the UK Government (£9.5m), ERDF (£20m) and the RDA (£12.5m).
- The project has the capacity to generate 20MW of green electricity with the potential to be scaled up to 50MW in the future.
- Legal agreements signed with leading renewable energy company Ocean Power Technologies Limited (OPT) to take the first berth at Wave Hub using its PowerBuoy wave energy converter. - JDR Cable Systems Ltd has been appointed to manufacture the 26.5 km (16.5 mile) cable and hub assembly for Wave Hub at its new factory in Hartlepool in a contract worth £7.6 million. - RDA research and development grant of £229,000 awarded to wave device developer Orecon in Bodmin, Cornwall, with a view to the company coming to Wave Hub in the future. - Contract for onshore electrical package expected to be let in the next few weeks. - Applications being invited for the position of Wave Hub general manager, who will lead the operation of Wave Hub.
For the full press release visit - http://www.press.southwestrda.org.uk
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9:13South West named global leader for marine energ...by SouthWestRDA195 views
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