Mooir Vannin will deliver significant long-term benefits to the Isle of Man through:
- new government revenues from taxation and seabed lease payments
- investment in local communities through the Community Investment Fund
- opportunities for direct employment, local businesses and supply chains
- the potential to supply renewable electricity to the Island
- option to provide cheaper than wholesale electricity through the existing interconnector
Based on current application parameters, the project is estimated to contribute around £2 billion to the Isle of Man economy over its lifetime through taxation and rent alone.
The project would also establish a Community Investment Fund worth £1.5 million per year for the first 15 years of operation, supporting local community initiatives and projects.
In addition, the development of a major renewable energy project could help position the Isle of Man as part of the growing clean energy economy, supporting skills development and future investment opportunities.
Delivering benefits for the Isle of ManView the Mooir Vannin Benefits Map