DONG Energy has been selected as the company government wants to develop an offshore wind farm in Manx waters.
The Department of Infrastructure has also chosen two companies - Manx Tidal Energy Ltd and Torcado Tidal Energy Ltd - to progress tidal power plans.
If it goes to plan the wind farm would be sited on the east coast - three sites are under consideration for a tidal development at the Point of Ayre, Calf of Man and Castletown.
Minister Phil Gawne says leasing the seabed could have big returns for the Island:
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