Marine fund launch unlocks key finance for UK marine renewables, Renewable Energy Association
Release Date: 2009-09-23
Energy and Climate Change Minister David Kidney launches the Marine Renewable Proving Fund at WATTS 2009/09/23The REA warmly welcomes today’s launch of the Marine Renewable Proving Fund. The fund, announced by the Energy and Climate Change Minister David Kidney, at our WATTS conference in Liverpool, will provide essential support towards qualifying for the previously unattainable Marine Renewables Deployment Fund and encourage the development of commercial scale marine renewables applications across the UK.
REA’s Head of Marine, Steph Merry, said “The REA is delighted by today’s announcement. Together these funds will help the UK capitalize on its current status as world leader in marine renewable technology."
"It is vital that the UK maintains this current lead and Government needs to give investors positive signals in order to build confidence in the sector and to support UK manufacturing and jobs. The Marine Renewable Proving Fund is an encouraging sign that Government understands the real needs of the industry, but there are more key areas that require urgent action.”
The Carbon Trust estimates that the UK’s significant Wave and Tidal resources have the potential to provide up to 20% of total UK electricity demand. Such an important contribution to the UK’s 2020 energy targets cannot be overlooked.
| Type: | NORMAL |
| Company: | Renewable Energy Association |
| Country: | United Kingdom |