Wales eyes £1.4bn marine spend
Wave and tidal poised for big growth if incentives remain
Marine developers active in Wales will invest £1.4bn in the nation’s nascent sector over the next five years if incentives are in place, according to a report by Marine Energy Wales.
Published ahead of today’s Marine Energy Wales conference in Swansea, the ‘Marine Energy in Wales: Investment, Jobs, Supply Chain 2017’ report forecasts major growth for wave, tidal stream and tidal lagoons with appropriate market and development incentives.
The report states total direct investment in marine in Wales has risen to £68.3m.
That represents an increase of over £23m from the 2015 level of investment.
The sector directly supports 137 full time equivalent jobs and 350 person years of employment, 101 more jobs than two years ago.
Welsh cabinet secretary for infrastructure and economy Ken Skates said: “We have a truly excellent hub of supply chain businesses and facilities in Wales that are ready and able to take advantage of opportunities in the sector.
“We therefore aim to build on Wales’ reputation, working in partnership with industry, to ensure we are not only 'open for business', but are once again seen as a global centre for energy. Not only as a generator of marine energy but as an exporter of knowledge, technologies and services.”
Image: Marine Energy Wales