Owning the seabed 12 miles from its shore, the Isle of Man is looking to become a net exporter of renewable energy.
Potential wind and tidal sites will be identified by a Manx Marine Environmental Assessment and public consultation.
"One survey suggests a pragmatic offshore wind target by 2020 of between 22 and 55 turbines with capacity of 5MW," said Anne McIvor. "It suggests a target of installed offshore renewable energy generation capacity of 336MW by 2020 - 225MW from offshore wind and 111MW from tidal, equating to 1,247GWh."
McIvor, of publisher Cleantech Investor, will chair the Offshore Renewable Energy Opportunities in the Isle of Man breakfast briefing at the Rushlight Clean Technologies Show on February 1st in Westminster.
The Isle of Man has its own seabed because it is not part of the UK, but instead is a self-governing British Crown Dependency.
According to McIvor, under the All Islands Agreement, energy ministers from the British Irish Council and the Isle of Man have agreed to cooperate to deliver renewable energy to meet the needs of the British Isles, and for export into Europe.
"The All Islands approach will increase the integration of the energy markets of the signatories," said McIvor. "For the Isle of Man, the scenario envisaged implies it will generate the equivalent of its total energy demand from renewables by 2020. Energy over and above domestic requirements on the island will be targeted for export via the existing power cable to the UK, and perhaps a new export cable."