The Sound of Islay Tidal Energy Project has been awarded up to £17m funding from the EU’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 Trust’s Tidal Energy Project Officer, Andy Macdonald, welcomed the announcement and said “This award confirms the Sound of Islay as the leading tidal array project in Europe. It demonstrates the EU’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 Scotland’s marine renewables industry.” Welcoming the news, Michael Russell MSP said: “This funding will boost the local and national economy and make use of the wave power around Islay. “Scotland’s tidal energy potential is hugely exciting, with our waters having a quarter of Europe’s total tidal energy potential. “The 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. “There is no doubt that Islay will lead the way for other developments in future rounds.”

Published with kind permission of www.ileach.co.uk

Tag: tidal energy iet sound of islay