Gibraltar to Support Renewable Energy Industry

Updated on Wednesday 06th January 2016

Gibraltar-to-support-renewable-energy-industryGibraltar has started to promote investment in the renewable energy industry by first signing an agreement with China for building a wave energy power station. The project would also receive funds from the European Union. The Gibraltar Government has enabled a renewable energy plan last year and in 2016 it will be put into action.

Gibraltar to work with China on the new energy project

Gibraltar has agreed on the new project with China last year and with the support of the EU, the work on the new power station is set to begin. Gibraltar wants to install a 5-megawatt wave energy power station that will collect water from the Mediterranean Sea. The station will be connected to a 100-kilowatt eco wave power station located on the Chinese Island Zoushan. The new power station is expected to provide 15% of the Rock’s electricity. The EU also approved and sustained Gibraltar’s plan and will also contribute financially to its realization.

The Government also put in place the so-called National Energy Efficiency Action Plan through which companies in Gibraltar will benefit from incentives and subsidies if they modernize their business sites. Tax cuts are also part of the Government’s plans.

If you need information about the National Energy Efficiency Action Plan and its advantages for companies, you can contact our specialists in Gibraltar.

The renewable energy industry in Gibraltar

The Gibraltar Government is striving to enhance energy efficiency in the country in all sectors which is why it has enabled the National Energy Efficiency Action Plan that would be of great benefit to both private and corporate consumers. Gibraltar is currently receiving EU funding particularly for small and medium-sized companies wanting to invest in renewable energy. The European Union has awarded Gibraltar funds worth approximately 11.5 million euros for the 2014-2020 period with the possibility of expansion until 2023. The program is aimed at helping SMEs to increase their renewable energy production and is expected to support more than 70 companies by its end.

If you are interested in opening a company in Gibraltar and need support, do not hesitate to request the services of our experts in company formation.