Regen SW advises Guernsey on plans to create renewable energy hub
Guernsey is considering ways it can act as a renewable energy hub and to provide financial products and services to the cleantech sector as well as unlocking its own tidal, wave and offshore wind resources to generate clean energy for home use and for export.
The island, which is a British Crown dependency, could also utilise its expertise as a leading international finance centre to provide financial products and services to the green sector.
The South West Marine Energy Park is looking to Guernsey to provide financial support in exchange for help in developing its renewable energy strategy.
The options were discussed at an event held at the House of Commons attended by the Energy Secretary Ed Davey and organised by Exeter-based Regen SW. The renewable energy reception was held last month and discussed ways about how Guernsey could link to the South West Marine Energy Park and develop its marine energy sector.
Guernsey's cleantech group was founded a year ago by Fiona Le Poidevin, Chief Executive of Guernsey Finance - the promotional agency for the island's finance industry internationally. Miss Le Poidevin said: "The group led by Guernsey Finance is focused on the Island's capacity to provide financial products and services to the cleantech sector. What we have been doing during the last year is assessing the extent to which Guernsey firms are already involved in such work and where the opportunities are for this to be expanded.
"For example, already there are many funds domiciled in and administered from Guernsey where there is a focus on sustainable investments. However, we believe there is also significant potential for the Island's expertise in captive insurance and our intellectual property environment to be utilised in relation to renewable energy.
"It may be that Guernsey firms, such as banks, can also provide direct funding but that is just one strand of the broader offering of financial products and services we can provide to the cleantech sector."
Johnny Gowdy, Programme Director at Regen SW, added: "We see a great synergy in working closely with the States of Guernsey. As well as the research being conducted by Exeter and Plymouth Universities to help Guernsey develop its energy resources, there are opportunities for south west companies to provide expertise and technology to deliver future energy projects.
"In exchange, as a major centre for financial services, we anticipate that Guernsey can provide financial services and access to investment which will be essential to accelerate the commercialisation of the marine energy sector. "
