UK launches £50m fund to accelerate offshore wind energy

The UK is investing £50 million in the offshore wind supply chain, with initial funding of £10 million to support projects in the Celtic Sea.
UK Launches £50m Fund to Accelerate Offshore Wind.

Partagez:

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.

With an annual increase of 14%, global offshore wind capacity now reaches 85.2 gigawatts, driven mainly by China, the United Kingdom, and Germany, while another 27.3 gigawatts are currently under construction.
Seabed exploration begins in Jammerland Bay to validate the placement of sixteen turbines and the cable corridor, the first tangible step before construction of the project led by TotalEnergies and European Energy.
RWE and Østermark Entreprenørforretning celebrate advanced construction of the operational building for Denmark's largest offshore wind farm, promising up to 60 permanent local jobs by 2026.
RWE and Amazon Web Services enter a strategic collaboration to supply renewable energy for data centres and accelerate digital capabilities within the global energy sector.
SSE Renewables inaugurated its first wind farm in Southern Europe in Chaintrix-Bierges and Vélye, with eight Siemens Gamesa turbines and an investment exceeding €30mn ($32.3mn).
The Astenn Avel consortium, led by Elicio and Q ENERGY, brings in VALOREM to bid for the 500 MW floating wind project planned off the coast of Southern Brittany.
The Canada Infrastructure Bank supports the construction of the Mesgi'g Ugju's'n 2 wind farm, co-owned by Mi'gmaq communities and Innergex, through a combined equity and debt financing package.
The first turbine of the Éoliennes Flottantes du Golfe du Lion project was assembled at Port-La Nouvelle, marking a major industrial milestone for Ocean Winds and its partners.
RWE inaugurated an onshore wind farm in Plounérin and Plounévez-Moëdec, featuring four turbines with a capacity of 14.7 MW, in partnership with the local SEM Lannion-Trégor.
The Moulins wind farm, made up of five turbines, was inaugurated on June 6 across three municipalities in the Douaisis region. It will generate €70,000 in annual tax revenue for local authorities.
Chinese firm SANY Renewable Energy enters Serbia through a 168 MW wind deal aimed at powering the local grid from 2028.
The Wedgeport Wind project led by Elemental Energy secures $97mn from the Canada Infrastructure Bank to install 12 turbines in southwest Nova Scotia.
France’s first floating wind farm, Provence Grand Large, located off the Gulf of Fos, has been commissioned with a 25 MW capacity, supplying the equivalent annual electricity consumption of 45,000 people.
Norges Bank Investment Management has finalised the acquisition of stakes in RWE's German and Danish projects, representing 2.6 GW of planned installed capacity by 2029.
Enlight has secured $310mn in financing to convert Gecama into a 554 MW wind-solar-storage hybrid plant, making it the largest installation of its kind in Spain.
The contracts for the offshore wind farms of Fécamp, Saint-Nazaire and Saint-Brieuc have been amended to allow production shutdowns when electricity prices fall below zero on the market.
AMEA Power has completed the commissioning of a 500MW wind power plant in Ras Ghareb, bringing its total deployed capacity in Egypt to 1GW within six months.
The 102 MW wind project in Québec secures structured loans from Canadian banks, marking a new stage for the joint venture between Innergex and the Mi'gmaq communities.
Aker Solutions will deliver the steel structure for an HVDC converter station for the offshore BalWin2 project developed by Amprion Offshore, under a contract valued at up to NOK2.5bn ($228mn).
Copenhagen Infrastructure Partners sells a minority stake in its 1 GW project to ACEN to accelerate its development ahead of upcoming energy auctions planned by the Philippine government.