Weekly Intelligence Brief

Consortium initiates €30m marine energy project

29 January 2010

A consortium has initiated a three-year research project to develop the necessary technologies to set up integrated installations that can harness marine renewable energies, such as waves and tidal currents.

Iberdrola Ingeniería, along with 19 Spanish companies and 25 research centres, is associated with the Ocean Lider project. Budget worth €30 million has been earmarked for this initiative.

According to Iberdrola Ingeniería, it is being hoped that this initiative will drive the development of new marine renewable energies by combining them with more mature energy sources, such as offshore wind power.

Ocean Lider has received a €15 million grant from the Spanish Centre for the Development of Industrial Technology (CDTI) and the Spanish government’s State Fund for Local Investment (the so-called Plan-E), along with the backing of the Ministry of Science and Innovation. In addition, given its strategic nature, this initiative and 17 others have been chosen from a total of 49 schemes submitted to receive funding as part of the Spanish Scientific Research and Technological Development Plan’s CENIT-E programme.

Last year, Iberdrola Ingeniería y Construcción decided to increase expenditure on research, development and innovation (RDI) by 30% to €8.3 million. The company was to undertake 20 new projects in 2009, covering all areas of its business, especially those with a high technological component.  The initiatives also included marine power. The new projects approved target the development of technological capabilities and include RDI in marine generation, both wind and other sources such as tidal and wave.