- Press Releases
November 1 (Renewables Now) - The UK government on Saturday said it is allocating up to GBP 160 million ( USD 221m/EUR 189m) to support the construction of new large-scale floating offshore wind ports and factories in the country.
Developers and manufacturers interested in investing in the nascent floating wind sector will be able to bid for a portion of the funding to launch their projects.
The announcement was made by Prime Minister Boris Johnson as he attended the G20 summit in Italy ahead of COP26 now underway in Glasgow. The funding is in line with the UK’s target of 1 GW of floating offshore wind by 2030.
Floating wind is particularly suited to the deep waters off the Scottish coast and the Celtic Sea offshore Wales.
“This investment will help to attract further private sector backing to boost our industrial heartlands. It will create and support thousands of good quality jobs ensuring they remain at the forefront of the next generation of clean energy as we build back greener,” said Business and Energy Secretary Kwasi Kwarteng.
The funding for floating wind infrastructure comes after the UK government’s GBP-160-million scheme to upgrade ports and infrastructure for the conventional offshore wind resulted in around GBP 1.5 billion of investment.
The upcoming contracts for difference (CfD) round will provide GBP 24 million of support for floating offshore wind and GBP 200 million for offshore wind projects.
(GBP 1 = USD 1.378/EUR 1.184)