Installation of Oyster wave power device

Oyster generates £1m for Orkney economy

19 Nov 09

We are pleased to announce that the installation of our Oyster wave energy device has generated over £1 million expenditure in the Orkney economy.

Working with local companies

More than 30 local companies were involved in the installation of our wave power device, which took place this summer at Billia Croo near Stromness, ranging from engineering and construction contractors to environmental consultancies, diving and vessel hire, events organisers and photographers. Our actual expenditure on local contractors and suppliers comes to over £1 million.

In addition, we had seven staff working full-time in Orkney during the installation of our Oyster device.

Martin McAdam, our Chief Executive Officer, commented:

"Our figures demonstrate the positive impact that wave energy can have on the Orkney economy.

Providing skilled jobs

"A successful Oyster project would unlock £3-4 million of capital expenditure per MW installed, of which a significant proportion would be invested in the Orkney economy.  A commercial wave farm could therefore represent a significant boost to the local economy and would provide long-term skilled jobs for local residents.

"Ongoing operations and maintenance would generate a further £150,000 per annum to the local economy."

Stephen Hagan, Convener of Orkney Islands Council said:

"Orkney's efforts to support the development of marine renewables in Scotland have been further rewarded with the successful installation of Aquamarine Power's Oyster device. The skills and experience developing in the county will help ensure that Orkney remains at the forefront of renewable energy developments into the future.

Optimising industry growth

"We remain committed to supporting this sector and ensuring that Orkney can put forward the best it has to offer, to optimise further growth and expansion in the industry."