DONG Energy is to investigate the potential for an offshore wind farm in the Irish Sea.
It signed an agreement with the Isle of Man Government which has allowed the energy firm to explore an area of around 12 miles off the coast of the island to decide if is suitable for the project.
It will last for a number of years following which there will be an option to get a lease with the government.
Isle of Man Economic Development Minister Laurence Skelly MHK said: “The renewable energy sector has huge potential for the future. As well as raising income through leasing parts of our seabed, there is the possibility of new jobs for Isle of Man workers as offshore installations require onshore support to manage their operation and maintenance.”
Last month, Energy Secretary Amber Rudd said the government will no longer issue “blank cheques” for offshore wind projects.