The Isle of Man has signed an Agreement for Lease with Denmark-based energy developer Dong Energy, to explore possibility of a wind power project in Manx waters off the north east coast of the island.

Under the deal, the Danish company will conduct a feasibility study for evaluating practicality and commercial viability of offshore wind turbine installations within a 12-mile distance of the island’s territorial sea.

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The deal reinforces the self-governing island’s intention to harness offshore renewable resources for generating green power and support its economic development.

Dong has been awarded a survey license for measuring the potential of the tidal array development off the Point of Ayre.

"The ambition of the industry is matched by a commitment from the Isle of Man Government to maximise the vast potential of the Irish Sea’s clean energy resources."

Isle of Man Infrastructure Minister Phil Gawne said: "The opportunities for renewable energy in Manx territorial waters are significant.

"The ambition of the industry is matched by a commitment from the Isle of Man Government to maximise the vast potential of the Irish Sea’s clean energy resources.

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"Dong Energy is a world-renowned company with a strong track record of achievement in the development of offshore wind farms. We look forward to working with them to progress this exciting initiative."

The island will be leasing out its seabed for renewable energy generation, which in turn is expected to facilitate contribution to public funds, creation of local jobs and reduction of carbon emissions.

Isle of Man Economic Development Minister Laurence Skelly said: "The renewable energy sector has huge potential for the future and is a key part of our strategy to deliver Vision 2020 and grow the economy.

"If a wind farm in Manx waters is viable, all the infrastructure costs would be borne by the developer rather than the Isle of Man Government."