The Minister for the Energy, Communications and Natural Resources, Eamon Ryan, 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 €4 billion in the industry.
Minister 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 a third of our electricity from renewable targets in 15 years.
