Almost £124m (€137m) has been invested in the Welsh economy from the marine energy sector, according to a report from Marine Energy Wales.
The latest ‘State of the Sector’ report outlines the findings from a survey of activity and investment in the 2019-2020 financial year in the wave, tidal stream and tidal range sectors and floating offshore wind.
It found that there has been an increase of £27.5m worth of investment in Wales over the last year, a £78.3m increase since 2015.
Over 737 person years of employment have been created so far, with coastal regions benefitting from well-paid, highly skilled jobs in the sector, the report said.
Marine Energy Wales said there are currently 16 developers actively progressing projects in Wales, while strategic developments are taking place across the country to ensure that infrastructure, testing and demonstration facilities are in place to support the sector.
It added that Wales has the potential to establish an early mover advantage in an export market worth an estimated £76bn by 2050, exporting marine energy technologies, skills, knowledge and intellectual property across the globe.
Welsh Minister for Environment, Energy and Rural Affairs Lesley Griffiths said: “We are determined the recovery from the Covid-19 pandemic will accelerate the transition to a low carbon economy and a healthier, more equal Wales.
“I consider marine and offshore renewable energy will play a fundamental part in building this future. I have written urging the UK Government to work with the devolved nations to ensure their financial support mechanisms for energy deliver for the whole of the UK.”
Marine Energy Wales’ Jessica Hooper said: “This report clearly demonstrates the positive impacts marine energy is having in Wales, particularly in coastal regions such as Anglesey and Pembrokeshire that are most in need of economic regeneration.
“It is pleasing to see that Wales is playing an important role in keeping the UK at the forefront of this global low carbon innovative sector.”