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25/03/2011
Investment In Wind Energy Drops
According to the Irish Wind Energy Association (IWEA), investment in the wind energy sector has dropped 58%, or €265m, due to instability of the renewable energy sector.
The IWEA highlighted that red tape and uncertainty is contributing to job creation and investment in the renewable energy sector.
Speaking at the association's annual conference in Dublin today, IWEA Chief Executive Dr Michael Walsh said that unnecessary risk and excess bureaucracy was putting investors off what should be a thriving market.
He added that last year saw a 58% or €265m drop in the level of Irish investment in the wind sector.
Dr Michael Walsh said: “Investors are lined up and ready to go but the framework for investment is simply too volatile.
“Many rules and processes are under review and there is no overall co-ordination of the consents needed to make an investment in renewable energy in Ireland.
“Investors are being asked to make substantial financial commitments in advance of clarity on the regulations that will apply in the future. International financial providers are still interested in Ireland but they will no longer accept this level of uncertainty.”
The Minister for Communications, Energy and Natural Resources Pat Rabbitte will address the conference.
(BMcN/GK)
The IWEA highlighted that red tape and uncertainty is contributing to job creation and investment in the renewable energy sector.
Speaking at the association's annual conference in Dublin today, IWEA Chief Executive Dr Michael Walsh said that unnecessary risk and excess bureaucracy was putting investors off what should be a thriving market.
He added that last year saw a 58% or €265m drop in the level of Irish investment in the wind sector.
Dr Michael Walsh said: “Investors are lined up and ready to go but the framework for investment is simply too volatile.
“Many rules and processes are under review and there is no overall co-ordination of the consents needed to make an investment in renewable energy in Ireland.
“Investors are being asked to make substantial financial commitments in advance of clarity on the regulations that will apply in the future. International financial providers are still interested in Ireland but they will no longer accept this level of uncertainty.”
The Minister for Communications, Energy and Natural Resources Pat Rabbitte will address the conference.
(BMcN/GK)
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