Cornwall is the ideal choice for investors in renewable energy technology. Few other regions in the world are better located for the development of offshore renewables and marine technology. Set between the North Sea and the Atlantic Ocean, Cornwall is right at the heart of the vibrant and fast-growing European offshore and marine sector. With its pivotal location, outstanding facilities and specialist expertise, Cornwall has become a world-class centre for offshore renewable energy development.
The emerging Celtic Sea FLOW opportunity is one of the most significant worldwide.
As a result, Cornwall and the greater South West are experiencing high levels of interest from developers, keen to capitalise on this opportunity for sustainable growth.
Wave Hub Ltd is currently in the process of offering its onshore and offshore assets for sale to developers and will continue to work in partnership with these investors, providing the full range of specialist services and support needed.
The development of offshore renewables is a cornerstone of the Cornwall & Isles of Scilly Local Enterprise Partnership's Local Industrial Strategy for the region and a priority development area for Cornwall Council. Working in partnership with the industry, they are creating an environment where offshore renewable project and technology developers can flourish.
Cornwall also offers a wide range of benefits to investors:
- the development pathway for technology innovators from university research facilities to nursery test sites to large scale grid connected demonstration sites.
- links with the broader UK innovation landscape, and collaboration to leverage funding and consolidate the UK's position as world leader in marine renewable energy.
- a number of networks providing support to the offshore renewables sector including the Celtic Sea Alliance, the Celtic Sea Cluster, Invest in Cornwall and The Growth Hub.
- Part funded by the European Regional Development Fund, Marine-i provides support to offshore renewable and marine businesses in Cornwall and the Isles of Scilly to develop offshore renewable and marine technology research, development and innovation activities. The current programme (which runs until the end of 2022) can help accelerate commercialisation of innovation, by providing access to intensive RD&I support as well as world class test facilities.
- Other potential sources of regional finance include: the Cornwall & Isles of Scilly Local Enterprise Partnership Investment Fund, focused on the development of local Small & Medium Sized Enterprises; Treveth Holdings, Cornwall Council’s investment arm.
- The region also has major research capabilities including the Partnership for Research in Marine Renewable Energy (PRIMaRE), which is a collaboration of world-class research institutions based in the west, south and south west of England who undertake research and development to address challenges facing the marine renewable energy industry at the regional, national and international level.