£100 million fund established to help wind power sector
A £100 million fund has been established to help UK businesses capitalise on the growth in offshore wind power.
The Offshore Wind Industry Council, a joint government and industry body, will invest the funds over ten years to support firms wanting to “maximise opportunities” in the offshore wind supply chain.
Offshore wind farms are constructed in bodies of water to harvest clean and renewable wind energy.
Firms that manufacture parts, lay cables and maintain wind farms will receive expert advice on manufacturing and commercialisation.
These businesses will also be given funding for innovation and support to export their goods and services.
The OWIC anticipates that the new programme could support over 650 UK companies who seek to access the domestic offshore wind market, which will be worth in the region of £30 billion a year by 2030.
The ten-year programme will support the sector deal between government and industry and see at least 30 gigawatts of offshore wind installed by 2030, a third of the UK’s electricity.
In the UK, turbines have been erected in more than 30 locations and the OWIC aims to raise the participation of UK businesses in the industry from 48 per cent to 60 per cent under the sector deal.
Chris Skidmore, the minister for energy and clean growth said the new fund will bring "investment, thousands of high-quality jobs and huge economic opportunities for communities across the UK”.
Benj Sykes, chairman of the OWIC said: "The Offshore Wind Growth Partnership will provide practical help for UK companies so they can compete successfully for contracts in this thriving global market."