A National Ocean Energy Development Project has been announced by the Minister for Energy, Communications & Natural Resources.

€26m is to go to the sector over the next three years creating an ocean energy development facility at Ringaskiddy in Co Cork.

It will include the development of a new wave energy test site at Belmullet in Co Mayo and grants to companies involved in ocean energy development.

Eamon Ryan said to encourage the production of electricity from renewable sources the guarantee to producers of the price they get would be increased to 15%.