Offshore wind power off the west coast alone could generate annual revenues of €21bn a year from 75,000 megawatts of installed capacity, according to Airtricity and Mainstream Renewable Power founder Eddie O'Connor.
Speaking to the Sunday Independent newspaper, the renewable energy entrepreneur said it would be worth €21.4bn. "This could be huge, at 1.6 times the value of our single biggest indigenous industry, agri-food and marine, worth €13.7bn.
This would require €150bn of investment in turbines, foundations, equipment and port infrastructure. The State would receive about €530m a year in licensing and rental fees, plus further exchequer returns from employment and corporate profits from it, and spin-off economic activity. Ireland could supply 5pc of Europe's electricity needs if this was connected to a European supergrid. The ports on the coast are very interested in this - Foynes, Killybegs, Galway, for example," he said.
The full interview by John Reynolds is on Independent.ie here