Yesterday #Budget2025 was announced and, as part of the €1,035 billion allocated to the Department of Enterprise, Trade and Employment, funding is being provided to progress the establishment of an Offshore Wind Centre of Excellence (OWCE), which is a key action in Powering Prosperity - Ireland's Offshore Wind Industrial Strategy. The proposed Offshore Wind Centre of Excellence would be an industry-led national centre that would enable Irish-based offshore wind supply chain companies, government agencies and further and higher education institutions to access, adopt and accelerate new digital technologies that solve real world challenges and collaborate to drive the sector’s future competitiveness.
In addition, a number of other changes and initiatives were announced to support the development of ?offshore wind in Ireland including directly tackling two of the biggest challenges industry have identified in their engagements with us – grid and ports. These initiatives include:
? €750m equity injection to EirGrid Group to fund onshore and offshore grid upgrades, essential for offshore grid asset transfer from Phase 1 projects (4.2GW) and the construction of new grid for the plan-led system
?A €99 million financing agreement between the Port of Cork and the Ireland Strategic Investment Fund to extend the Port’s quay-side berth at Ringaskiddy, which will allow the Port of Cork to develop multi-purpose port infrastructure capable of meeting the requirements of the offshore renewable energy sector; and
?Increased funding for the Maritime Area Regulatory Authority (MARA).
#PoweringProsperity #WindPowerIRL
Minister Peter Burke has welcomed his Department’s Budget 2025 allocation of €1,035 billion, an increase of €50 million on the previous year.
This includes €424 million in current funding, €611 million in capital funding.
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