The UK government has announced GBP 300 million (approximately EUR 350 million) of funding through the country’s publicly owned clean energy company, Great British Energy, to invest in domestic offshore wind supply chains.
The funding, which was brought forward by the UK Prime Minister Keir Starmer ahead of the Comprehensive Spending Review, will allow Great British Energy to invest in new supply chains for offshore wind manufacturing components such as floating offshore platforms and cables.
This builds on the UK government’s landmark investment in domestic supply chains through initiatives such as the Clean Industry Bonus and the National Wealth Fund.
It is expected that the investment will directly and indirectly mobilise billions in additional private investment, helping de-risk clean energy projects and supporting thousands of jobs.
“Delivering the Plan for Change means winning the race for the clean energy jobs of the future, which will drive growth and help us reach clean power by 2030. That is why I am bringing forward much-needed investment in our domestic offshore wind supply chains, strengthening our security and creating good jobs for our welders, electricians, and engineers,” said Prime Minister Keir Starmer .
The public investment complements the GBP 43 billion of private investment pledged for clean energy projects since July, according to the government.
The funding for supply chains will be made available as part of the GBP 8.3 billion for Great British Energy over this parliament, with individual companies able to apply for grants if they can show that they will produce long-term investments in the UK supply chains, the government added.
“It is only by taking back control of our energy that we can protect families and businesses from the rollercoaster of global markets we don’t control. That is why this government is doubling down on our clean energy superpower mission – driving economic growth, good jobs and investment across our country,” said Energy Secretary Ed Miliband .
Jane Cooper , Deputy CEO of RenewableUK, added: “By nurturing existing UK companies, and ensuring we’re a competitive location for international investors, there’s an opportunity to triple our manufacturing capacity over the next decade, adding £25 billion to the UK economy and creating an additional 10,000 jobs in the supply chain.”
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