The federal government of Scotland has allotted £18 million Marine Renewables Commercialisation Fund (MRCF) to develop wave energy projects in the country.
MRCF was launched in May 2012 to promote wave and tidal energy.
With tidal projects securing finance from other sources, the marine funds would now be used for wave energy projects, the government stated.
Scotland Energy Minister Fergus Ewing has claimed that with this move the country becomes the first of UK nations to offer funds for wave energy sector.
The industry group had been engaged in debates for the requirement of different sources of funding for wave and tidal energy projects and the Scottish Government had listened to the marine renewables industry on the issue, added Ewing.
"Scotland needs both wave and tidal stream technologies to help decarbonise our electricity system, increase energy security and reduce dependence on imported fossil fuels.
"We now have the chance to provide much-needed support for other marine renewables activities while still fulfilling the goal of the MRCF – which is to help commercialise the marine energy industry in Scotland."
The industry group RenewableUK has lauded the Scottish government’s step to boost wave energy sector that is currently aiming to move from full-scale demonstration devices to the first arrays.
RenewableUK wave and tidal development manager David Krohn stated: "The Scottish Government’s announcement provides a substantial boost for the wave energy sector, in which the UK leads the world."
"This specifically-targeted funding will help to accelerate growth and generate further private investment in a technology which has enormous potential, as 50% of the total European wave energy resource is in UK and Irish waters."
Meanwhile, Scottish government has called in for applications starting 3 June 2013, with funds expected to be allotted by 2013 summer.
