Business

U.K. offshore wind to get $127 million fund to boost growth

Bloomberg

The U.K. offshore wind industry is to get a £100 million ($127 million) fund to spur growth in the next decade.

The Offshore Wind Industry Council, run by government and industry, will invest in companies along the whole supply chain and support companies wanting to export their services. The move is part of the U.K. government-backed sector deal that aims to encourage at least 30 gigawatts of offshore wind farms installed by 2050.

“The offshore wind industry is offering multimillion pound opportunities to hundreds of innovative companies throughout the U.K. in the years ahead,’ said Benj Sykes, industry chair at OWIC and country manager for Orsted A/S in the U.K.

The first project will focus on the offshore wind foundations company, OWIC said. Union bosses say that the U.K. government hasn’t done enough to capitalize on the offshore wind boom in the country.

‘To date the majority of the potential benefits from the boom in offshore wind, and renewables in general, have passed the U.K. workforce and economy by,’ said Justin Bowden, the GMB national secretary.

The U.K. deal announced in March calls on the industry to invest £250 million in improving supply chains and manufacturing.

“Securing decent jobs in the renewables industry and its supply chain, and fairness in how de-carbonization costs are met, is now paramount,’ Bowden said.

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