Wave power company Carnegie Wave are looking to build their first wave power plant in Cornwall due to the higher support for renewable energy policy compared to Australia:

“Carnegie Wave, which counts among its shareholders AFL chairman Mike Fitzpatrick’s 88 Green Ventures, is trialling a single one-megawatt wave power unit operating off Garden Island, just south of Perth, with a 2MW solar array, a 2MW/0.5MWh battery and a desalination plant. The navy buys power and water from the system, which is funded by $13 million in state aid via Arena.

The company has also just received a £9.55 million grant from the European Regional Development Fund for the first 1MW unit of a much larger wave power plant off the coast of Cornwall, near St Ives. The 15MW second stage will be funded commercially off the back of the feed-in tariff, Dr Ottaviano said.”

Read the full report at the Australian Financial Review here