Dr Alex Allinson, who is retiring as Ramsey MHK at this year's general election, gave evidence to the final hearing by the independent panel.
The proposed Mooir Vannin offshore wind farm could be just the first in Manx waters, according to an MHK.
Dr Alex Allinson, who is retiring as Ramsey MHK at this year's general election, gave evidence to the final hearing by the independent panel where he pushed for its support.
The former treasury minister said the proposed wind farm would be one of the several ways in which the government can boost its income without further burdening tax payers.
He said: "The Global Wind Energy Council have previously estimated that the island has a technical potential to deliver nine gigawatts of offshore energy, with the Mooir Vannin proposal being the first to prove the concept of such developments within our territorial waters."
Dr Allinson said that KPMG calculated in 2023 that depending on how developments were leveraged, the island could benefit from annual option fees ranging from £30m to £100m a year, with the potential for up to £600m per year if six gigawatts was delivered.
He said this would 'significantly transform our economy and island finances'.
As an MHK not seeking re-election in September, Dr Allinson appeared untethered by the issue of whether candidates could discuss the proposed wind farm or not.
This follows advice from Attorney General Walter Wannenburgh that if elected members had declared a position before the election, they would 'would need to declare a conflict and recuse themselves from participation in the decision-making process'.
Dr Allinson said: "I respect that. However, I would like to take this opportunity to emphasise the fiscal and economic importance of the Mooir Vannin project to the sustainable economic future of our Island and its significance in improving the concept of offshore wind developments within our territorial waters, which could encourage further projects around the island, which would transform our economy and allow us to achieve the government's ambition to increase and guarantee prosperity for our people and communities."
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