The Sound of Islay Tidal Energy Project has been awarded up to Â£17m funding from the EUâ€™s NER300 scheme. NER300 funding is based on the income from the European Emissions Trading Scheme in which the sale of 300 million allowances (which each provide the right to emit one tonne of carbon dioxide) forms the New Entrants Reserve. The fund is used to support innovative renewable energy technology as well as carbon capture and storage projects. In particular, the aim is to successfully demonstrate technologies that can substantially scale-up energy production from renewable sources across the EU.
The Islay Energy Trustâ€™s Tidal Energy Project Officer, Andy Macdonald, welcomed the announcement and said â€œThis award confirms the Sound of Islay as the leading tidal array project in Europe. It demonstrates the EUâ€™s support for new technology and recognises the importance of both tidal and wave energy as important areas of development. This is excellent news for the project and for Scotlandâ€™s marine renewables industry.â€ Welcoming the news, Michael Russell MSP said: â€œThis funding will boost the local and national economy and make use of the wave power around Islay. â€œScotlandâ€™s tidal energy potential is hugely exciting, with our waters having a quarter of Europeâ€™s total tidal energy potential. â€œThe renewables sector is a fast growing industry that is bringing jobs and investment to communities across Scotland, it is good news that such a huge investment is being made in Argyll. â€œThere is no doubt that Islay will lead the way for other developments in future rounds.â€
Published with kind permission of www.ileach.co.uk