The guaranteed price will be Euro 1,403 per megawatt hour, and the move follows a similar plan introduced for onshore wind farm generation.
In a statement, Energy Minister Eamon Ryan said: “Now, investors can be confident when they invest in offshore wind. Without it we would not be able to attract any investment into Ireland.”
Renewable energy development is vital for Ireland’s future economy, as the country currently imports almost 90% of its fossil fuel needs.
“Ireland needs to reduce our fossil fuel import bill and our dependence on imported energy sources,” Ryan continued.
“Renewable electricity is a critical cornerstone.”
Separately, Irish Labour politician Liz McManus has criticised Ryan for not doing enough when setting renewable energy targets.
She pointed out that a recent study showed that he could have gone for a 42% by 2020 target instead of the 33% target he actually set.
Ben Meggeson