October 25th, 2012 by Guernsey Finance
Regen SW, an independent centre of expertise, organised the reception. Regen SW is driving forward renewable energy and related business activities in the South West of the UK.
The South West is the first UK region to have a specific area designated as a Marine Energy Park, with a particular focus on tidal and wave energy, so the opportunities in the marine energy sector was a key theme for the day.
The discussions included a focus on how Guernsey could unlock its own tidal, wave and offshore wind resources to generate clean energy for the Island and for export.
In addition, the talks focused on how Guernsey could use its expertise as a leading international finance centre to provide financial products and services to the cleantech sector.
Guernsey was represented at the event in London by Deputy Chief Minister Jonathan Le Tocq; Jeremy Thompson, Chairman of the Renewable Energy Team (RET); Mat Desforges, Policy Advisor for Financial Services and Renewables to the States of Guernsey, and member of RET and the Finance Sector Development Unit of Guernsey’s Department of Commerce and Employment; and Peter Miller, Executive Director from Ernst & Young in Guernsey, and a member of the financial services cleantech group.
Miss Le Poidevin said “the group, led by Guernsey Finance, is focused on the Island’s capacity to provide financial products and services to the cleantech sector.”
“What we have been doing during the last year is assessing the extent to which Guernsey firms are already involved in such work and where the opportunities are for this to be expanded,” she said.
“Already there are many funds domiciled in and administered from Guernsey where there is a focus on sustainable investments.”
“However, we believe there is also significant potential for the Island’s expertise in captive insurance and our intellectual property environment to be used in relation to renewable energy.”
“Of course, it may be that Guernsey firms, such as banks, can also provide direct funding but that is just one strand of the broader offering of financial products and services we can provide to the cleantech sector,” she said.
Miss Le Poidevin said “we have taken some initial steps to build Guernsey’s profile as a centre which can provide a range of financial products and services to the cleantech sector.”
“The event at the House of Commons has helped put us in front of a new and important audience and we will now be following up with the contacts we made at the event.”
“It also provides a useful springboard from which we can launch a new wave of activity to promote Guernsey in the coming months,” she said.
Guernsey has also been the subject of a one-page feature within the latest issue of Recharge magazine. This was facilitated by Guernsey Finance, which is also leading a team to exhibit at the Renewable Energy Forum in London on 30 and 3t October 2012.
Nick Vermeulen, Partner at PwC in Guernsey, will moderate a session on the movement of capital and in particular, looking at the role of infrastructure and private equity funds in the cleantech sector.
There are also plans being put in place to bring industry representatives from the South West Marine Energy Park to Guernsey early in 2013 so that they can meet with local finance industry practitioners and hear first-hand about the potential opportunities on offer.
“As well as the research being conducted by the University of Exeter and Plymouth University to help Guernsey develop its energy resources, there are opportunities for south west UK companies to provide expertise and technology to deliver future energy projects,” Mr. Gowdy said.
In exchange, as a major centre for financial services, we anticipate that Guernsey can provide financial services and access to investment which will be essential to accelerate the commercialisation of the marine energy sector,” he said.