Thursday 26 May 2011

Cable commits £200m to renewables research

Vince Cable has launched a competition to form an Offshore Renewable Energy technology and innovation centre as part of £200million investment in renewables research.

Mr Cable said there was a "clear opportunity" for the Government to support the UK's offshore industry which these would fulfill, adding that the centre would help take "the next step to transforming the UK into a low carbon economy".

The new centre will focus on offshore wind, wave and tidal power. It will be one of at least six "elite" research centres aimed at driving the UK's emerging renewables market.

The launch follows the Business Secretary's announcement about the Green Investment Bank on Tuesday, when he outlined the schedule for when the fund will begin lending to renewable projects.

Universities and Science Minister David Willetts agreed that research was integral to the economy: "There is huge potential for growth in the sector, and the prospect to generate billions of pounds for the economy whilst creating thousands of job opportunities at the same time."

A Department for Energy and Climate Change spokesman welcomed the business (BIS) department's initiative for helping the country keep "at the forefront of innovation so that the UK can seize its share of the green industrial revolution."

The Business Secretary also announced today that £20 million will now be invested into two clean technology funds, Zouk Cleantech 2 and HG Capital Renewable Power Partners 2, as part of the £325 million UK Innovation Investment Fund (UKIIF).