Brussels-based trade association Ocean Energy Europe (OEE) has appointed Donagh Cagney as policy director replacing Jacopo Moccia.
Cagney joins OEE following a stint at UK energy regulator Ofgem, where he led work on the EU’s Clean Energy Package.
Cagney will focus on promoting policy and finance frameworks to take ocean energy to industrial readiness.
“This year we’ll be working closely with European decision makers on potential additional sources of finance – including the creation of a new ‘Innovation Fund’, specifically targeting post-prototype demonstration,” he said.
“In parallel we’ll continue to work to ensure that research, development and innovation funding from Horizon 2020 remains available for the industry.”
Donagh said the industry faces a challenge to ensure the right mix of different support mechanisms is in place, providing both investment and revenue support to close project funding gaps.
“We’re looking at how a debt instrument like InnovFin EDP can be blended with grant support through Horizon 2020.
“This would reduce risk for first-of-a-kind projects by lowering both CAPEX requirements and cost of capital for ocean energy projects.”
Image: Donagh Cagney (Ocean Energy Europe)
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