Britain backs offshore wind ambitions with long-term strategy

Aug 2, 2013 - The British government expects to unlock GBP 7 billion (USD 10.6bn/EUR 8bn) for the local economy by the end of the decade through a long-term strategy for the offshore wind sector which was unveiled Thursday.

The Offshore Wind Industrial Strategy envisages GBP 46 million in government funding over five years for the Offshore Renewable Energy Catapult Centre, which will promote innovation between companies from the sector, government and academia and thus back the roll-out of new products. Also, the Regional Growth Fund will provide GBP 20 million to expand the wind sector supply chain in the UK.

“This strategy will help keep Britain as the world leader in one of the most important industries of the 21st Century,” said Deputy Prime Minister Nick Clegg.

Apart from the planned investments by the government, the strategy includes plans for the creation of a new Offshore Wind Investment Organisation that is to lure inward spending to the UK. There is a proposal to oblige the developers of offshore wind projects exceeding a certain capacity to present a supply chain plan before applying for a Contract for Difference. The government also intends to grow the scope of the offshore wind manufacturing funding scheme to back port and coastal infrastructure development.

According to government estimates, the offshore wind industry can create 30,000 jobs by 2020.

(GBP 1 = USD 1.511/EUR 1.144)

Choose your newsletter by Renewables Now. Join for free!