Welsh Government invests €13 million of EU funds in marine energy leader Minesto

The European Regional Development Fund through the Welsh Government has awarded a €13 million (US$14.4 million) grant to Minesto, a marine energy firm.

The funding is part of the commercial roll out, including the establishment of Minesto UK Headquarters in North Wales and commissioning of the first commercial Deep Green power plant.

The EU funds will support a marine energy project in Holyhead Wales aiming to support an expansion of marine energy in Wales and UK. The Welsh Government manages the delivery of the EU Structural Funds programmes in Wales.

Minesto will install the first commercial scale 0.5 MW power plant in Holyhead Deep and continue with additional deployments in what will eventually be an array with a total capacity of 10 MW, expected to be operational in 2019. The 10 MW array will supply electricity to the equivalent of 8,000 households and create significant employment opportunities in both the construction and operational phases.

Wales has 1,200 kilometres of coastline with low velocity tidal currents, with the potential to supply more than five per cent of the UK’s total electricity demand. Wales also has strategically located deep-sea ports and access to the UK national grid. First Minister, Carwyn Jones, said:

“I am delighted that this EU funds investment has helped pave the way for Minesto to set up its UK headquarters in North Wales which will create high quality jobs in what is a rapidly expanding and important sector for Wales.”

“We have extensive raw wave and tidal energy resources along our shorelines, and this is an excellent example of commercial solutions being developed in Wales to help drive our potential to be a world-leader in the marine energy market. This investment will not only help create greener and more efficient sources of energy, but will also create jobs and vital opportunities for growth in North Wales.”