The UK Government has today confirmed an investment of £5M towards a £12.8M project to help create a new marine energy business park in Hayle, Cornwall.
The investment is from the Departments for Business, Innovation and Skills (BIS) and Energy and Climate Change (DECC), and is part of a £19.5M fund that was earmarked for investment in marine energy projects in the regionnwhen South West England was designated the UK’s first Low Carbon Economic Area last year. The funding has been secured by the South West RDA (Regional Development Agency).
The infrastructure project includes a new bridge, construction of a new road, flood protection works and restoration of harbour walls on North Quay at Hayle, including the creation of a promenade along its length. These engineering works will enable access to the site of a proposed marine renewable business park next to the old power station behind sand dunes at Hayle Towans, and is expected to support 190 jobs.
t will complement the South West RDA’s £42M Wave Hub project, which is creating the world’s largest test site for marine energy devices 10 miles off the north coast of Cornwall. Wave Hub’s subsea electrical cable will come ashore at Hayle, where it will connect to the National Grid via a new electricity sub-station being built next to the site of the proposed business park.
The £5M announced by the Government depends on a similar investment being made by Cornwall Council and additional support from the ERDF Convergence Programme, which has a designated fund to support the creation of high quality workspace in Cornwall and the Isles of Scilly. It is anticipated that Council financial support will be confirmed at the May Cabinet meeting, and that the whole funding package will be finalised in June.
Earlier this month BIS and DECC confirmed a £4M investment as part of the South West Low Carbon Economic Area initiative in the Plymouth Science and Innovation Programme (PSIP), a partnership led by the South West RDA, University of Plymouth and Plymouth City Council.
This funding will enable a new £18M marine building on the University of Plymouth’s city campus to be built, housing state-of-the-art research facilities including new wave tank testing equipment that will be unique in the UK. The funding has been matched by the South West RDA and the University of Plymouth.