The marine energy sector in Wales looks set to benefit from more than £1 billion of investment over the next five years, according to a new report.
The report, which is published today and entitled Marine Energy in Wales: Investment, Jobs, Supply Chain 2017, said more than £68m has been spent developing wave and tidal energy to date, and developers believe that figure will rise to £1.4 billion in the next five years.
According to the report, the wave and tidal energy sector currently supports 137 fulltime jobs in Wales, compared to just 36 in 2015.
It was launched by the Welsh cabinet secretary for infrastructure and economy, Ken Skates, at a conference today in Swansea.
Speaking ahead of his appearance, Skates said the report is “very encouraging” and highlights the “rapid growth” of the marine energy sector.
“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,” he added.
The report also follows the recent signing of the £1.3 billion Swansea Bay city region deal, which includes £76m to establish a marine energy centre around the Port of Milford Haven.
A total of 27 marine energy organisations currently active in Wales contributed to the report.
Marine Energy Wales’ project director, David Jones, said the report demonstrates how the country is “playing a key role in the global development” of the sector,
“Significant industry progress has been made over the past two years and the increased spend and significant rise in jobs clearly show a surge in momentum.