£7m boost for offshore renewable energy firms

Businesses developing innovative solutions for technologies in the wave, tidal and offshore wind sector have been given a multi-million pound boost. Energy Minister Greg Barker revealed support worth up to […]

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By Priyanka Shrestha

Businesses developing innovative solutions for technologies in the wave, tidal and offshore wind sector have been given a multi-million pound boost.

Energy Minister Greg Barker revealed support worth up to £7 million will be available through the Technology Strategy Board’s Infrastructure for Offshore Renewables funding competition.

It is designed to help develop supply chains for offshore renewable energy and aims to encourage companies from outside the sector to get involved, bringing their insights and expertise in the area. There will be a focus on innovations that help reduce the cost of electricity generation.

Mr Barker said: “Targeting funding in this way will accelerate growth in this sector, help cut the cost of producing clean green power and ultimately enable us to harness even more power from wind and marine devices out at sea.”

Last month Prime Minister David Cameron pledged to “roll back” green regulations but DECC said the review of green levies “won’t touch” renewable subsidies for wind and solar power.