The government has announced its preferred partners to develop wind farm and tidal power schemes, which could bring in ?5 million a year to the Manx Treasury.
DONG Energy has been selected to develop an offshore wind farm, while two firms have been chosen for tidal power - Manx Tidal Energy Ltd and Tocardo Tidal Energy Ltd
The money would come from leasing parts of the seabed within the Island's 12-mile territorial limit to companies who would develop renewable energy projects.
It's also claimed at least 50 new local jobs could be created.
The windfarm development would be off the north east coast of the Island, while tidal energy schemes could involve areas off the north of the Island, another area off Castletown and by the Calf of Man.
Survey work could start as early as next year, but is expected to last around two years.
Infrastructure Minister Phil Gawne admits there could be issues around the visual impact of such developments, but this could be the case regardless of whether the Island granted such schemes or not:Clip 1
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