UK launches £50m fund to accelerate offshore wind energy

The UK is stepping up its commitment with the launch of the Accelerator, a £50 million innovative fund. This initiative, led by The Crown Estate, aims to accelerate the development of offshore wind projects by supporting the domestic supply chain. The first round of funding of £10 million is now open to companies interested in developing projects in the Celtic Sea, aimed at strengthening supply chain capabilities for floating wind turbines. This first stage of funding subsidizes up to £1 million of early development expenditure per project, helping to overcome initial financial hurdles. The selected companies will be announced from October 2024, following a rigorous evaluation process.