The Progressive Democrats say Ireland could become the renewable research and development capital of the world if a new energy funding scheme for business is adopted.
PD Energy Spokeswoman Fiona O'Malley said the proposed 'Renewable Venture Capital Scheme' would provide finance for ambitious companies with the potential to develop into significant businesses in the renewable energy market.
Deputy O'Malley said that in Government the PDs will ensure the establishment of a dedicated Renewable Venture Capital Scheme, under which Enterprise Ireland would partner with venture capital funds to provide finance for businesses developing renewable energy source technology such as wind, tidal, and solar power.
She said the State would do its bit to unleash the already proven entrepreneurial talents of Irish business people in this vital area, and help Ireland boost the use of renewable energy across key sectors like transport, heat and electricity.
Ms O'Malley said initial funding for the scheme will come from the allocation of seed and venture capital funding announced in the Budget (€175m over a period of ten years), with further extra funding allocated as required.
