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.
Economic and environmental opportunities
The Crown Estate’s research, entitled “The Celtic Sea Blueprint”, predicted that the deployment of the first floating wind capacity in the waters off South Wales and South West England could create 5,300 jobs and generate an economic contribution of £1.4 billion. Opportunities identified include the development of components for floating platforms, dynamic cables and management infrastructures. Will Apps, Director of Offshore Wind Strategy at The Crown Estate, said, “We are delighted to launch our Supply Chain Accelerator to catalyze early project development and maximize the opportunities identified in the Celtic Sea Blueprint.”
Supply Chain Support and Growth
The need to triple UK offshore wind turbine manufacturing capacity over the next ten years is essential to meet growing energy demand. According to The Crown Estate’s UK Offshore Wind Report 2023, the UK offshore wind sector generated 49TWh of electricity last year, and total capacity under development increased by 10GW, reaching 93GW by 2023. To reach the government’s target of 125GW by 2050, substantial investment in the supply chain is essential. Gus Jaspert, Managing Director of Marine at The Crown Estate, emphasized the importance of the initiative: “Offshore wind plays a key role in our energy transition and can also be a driver of local and national regeneration with new jobs, skills and industries.”
Long-term vision and regional impact
The Accelerator fund is designed to stimulate the priority skills and capabilities needed to realize the opportunities identified in the Celtic Sea Blueprint. By investing in strategic projects, the UK aims to remain at the forefront of the global offshore wind industry, while promoting regional economic growth. Interested companies are encouraged to submit proposals to benefit from this funding. This financial support is designed to encourage companies to invest in innovative projects, strengthening the competitiveness of the UK offshore wind industry on the world stage.
