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€23 Million EU Funding for ESB Wave Power Project

ESB WestWave, an Irish project developing Ireland's wave energy potential, has been awarded €23 million by the European Commission. The European Commission today awarded €1 billion funding to 19 projects in 12 EU Member States to fight climate change under the NER 300 funding programme. The NER300 is funded from the sale of emission allowances in the EU Emissions Trading System. ESB WestWave is the only Irish project to receive funding under this scheme.

ESB WestWave will develop the first wave energy project in Ireland by 2018 in Co. Clare, generating an initial 5MW (equivalent to the electricity consumption of households in nearby Kilrush and Kilkee) of clean renewable electricity from the plentiful wave energy resource available off the west coast of Ireland.

John McSweeney, Head of Innovation, ESB commented, “Ireland’s oceans have the potential to provide large quantities of indigenous, renewable energy and reduce our dependence on imported fossil fuels. Demonstration projects like ESB WestWave are critical if we are to realise the ultimate aim of progressing to larger commercial scale projects and a low carbon future. The funding award announced today is a huge boost to the ESB Westwave project and to Ocean Energy development in Ireland and Europe.”

The funding mechanism, the so-called NER 300 funding programme makes the polluters the driving force behind developing new low-carbon initiatives.

The funding will be used to demonstrate technologies that will subsequently help to scale-up production from renewable energy sources across the EU as well as those that can remove and store carbon emissions. The projects awarded co-financing today cover a range of technologies − bioenergy, concentrated solar power, geothermal power, photovoltaics, wind power, ocean energy, smart grids and, for the first time, carbon capture and storage (CCS).

Connie Hedegaard, EU Commissioner for Climate Action, said: "With these first-of-a-kind projects, we will help protect the climate and make Europe less energy dependant. The €1 billion we are awarding today will leverage some additional €900 million of private investment. So almost €2 billion of investment in climate-friendly technologies here in Europe. This is a contribution to reduce Europe's energy bill of more than €1 billion per day that we pay for our imported fossil fuels."

Boosting green growth and jobs
19 projects will be hosted in 12 EU Member States: Croatia, Cyprus, Denmark, Estonia, France, Ireland, Italy, Latvia, Portugal, Spain, Sweden and the United Kingdom.

The selected projects announced today will increase the annual EU renewable energy production by almost 8 terawatt hours (TWh). This energy amount corresponds to the combined annual electricity consumption of Cyprus and Malta. The CCS project will capture 1.8 million tonnes of CO2 per year, equivalent to taking over a million cars off the roads. Together with the 20 projects from the first call, NER 300 projects will also create several thousand jobs during the construction and operation phase.

For more information, visit:
Press release: Commission uses polluters' revenues to fund clean energy projects across Europe
Questions and Answers on the outcome of the second call for proposals under the NER 300 programme
NER 300 webpage

ENDS

Source: http://ec.europa.eu/ireland/press_office/news_of_the_day/eu-funding-for-esb-wave-energy-project_en.htm

Published: 8th July 2014