£1.3M is needed to develop the commercial framework for leasing part of the seabed to a wind energy company.
Policy and Resources is backing the work done so far by the Offshore Wind Sub Committee.
Deputy Chris Blin, who heads it up, says the project deserves further development:
"The first part of this Sub-Committee’s work, after being restructured under the current P&R Committee 15 months ago, has been to identify whether there is an opportunity for Guernsey, and if so, what might the scale of that opportunity be.
"Working with external expertise from PA Consulting and the Carbon Trust, who both have significant track records in these projects, we have confirmed that there is an opportunity worth pursuing further."
The work completed so far includes assessing a suitable offshore site for a 60 square mile windfarm and determining its generation capacity. Both are seen as viable at this stage, as are the level of returns for a potential developer.
Guernsey's interest is in making money from leasing the seabed within its territorial waters, taking an upfront payment from a developer and tax receipts.
Deputy Bob Murray says the project has its risks but believes it is worth spending the money on further work:
"I would urge against any narrative that suggests this will be the answer to our financial challenges.
"However, the initial phases of work indicate there may be substantial value in leasing a section of seabed in our territorial waters and we won’t know for sure unless we carry out this next phase of work."
The Carbon Trust has been involved with Guernsey's Offshore Wind Sub Committee and Megan Smith from the organisation sees the potential in getting the ground work done:
"The States’ commitment to proactively addressing the enabling environment has the potential to make the seabed around the island an attractive investment for offshore wind developers."
The bid for funding comes at a time when the Brittany offshore wind farm is up and running and Jersey is keen to develop an array off its coast.
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