The Minister for Energy, Communications & Natural Resources has announced a guaranteed price for electricity produced by offshore wind.
The group representing offshore wind companies says the new price structure will pave the way for them to invest €4bn in the industry.
Minister Eamon Ryan said the price of €140 per megawatt hour is in line with incentives in other countries, such as Germany.
Speaking at a launch of the proposals, he said the proposals would protect Irish consumers against rising oil prices.
The National Offshore Wind Association, which represents operators such as Airtricity, said the proposal would help realise the target of generating 33% of Ireland's electricity from renewable targets in 15 years.
