An initial £300 million of funding through Great British Energy is set to be invested in supply chains for domestic offshore wind.
The UK Government said it expected that the investment will directly and indirectly mobilise billions in additional private investment.
The funding will allow Great British Energy, the publicly-owned clean energy company, to invest in new supply chains for offshore wind manufacturing components such as floating offshore platforms and cables.
Dan McGrail, interim CEO of Great British Energy, said:
“Great British Energy will help the UK win the global race for clean energy jobs and growth by investing in homegrown supply chains and ensuring key infrastructure parts are made here in Britain.
“We will work closely with businesses across the clean energy sector to get funding out as fast as possible and get projects off the ground.”
The UK Government said the move builds on its investment in domestic supply chains through initiatives such as the Clean Industry Bonus and the National Wealth Fund.
Prime Minister Keir Starmer said:
“Delivering the Plan for Change means winning the race for the clean energy jobs of the future, which will drive growth and help us reach clean power by 2030.
“That is why I am bringing forward much-needed investment in our domestic offshore wind supply chains, strengthening our security and creating good jobs for our welders, electricians, and engineers.
“Let my message to the world go out: come and build the clean energy future in Britain.”
Energy Secretary Ed Miliband said:
“It is only by taking back control of our energy that we can protect families and businesses from the rollercoaster of global markets we don’t control.
“That is why this Government is doubling down on our clean energy superpower mission – driving economic growth, good jobs and investment across our country.”
The Prime Minister, Ministers and business leaders gathered in London for a two-day Summit on the Future of Energy Security, hosted by the UK Government and International Energy Agency. Leaders from around the world, including the President of the EU Commission Ursula von der Leyen, came together to address the global challenges and opportunities of speeding up the clean energy transition.
The Energy Secretary Ed Miliband, Business Secretary Jonathan Reynolds, the Minister for Investment Baroness Poppy Gustafsson, National Wealth Fund CEO John Flint and Great British Energy Chair Juergen Maier have also written to global clean energy developers and investors inviting them calling on them to invest in Britain.
Deputy CEO of RenewableUK, Jane Cooper, said:
“There’s a huge opportunity for the UK to secure thousands of new jobs and supply chain investment in the sector, which will make our home-grown energy supply even more secure.
“The Prime Minister’s funding will be critical to ensuring the UK grasps the industrial opportunities in the offshore wind supply chain, at a time of intense global competition for clean energy investment. By nurturing existing UK companies, and ensuring we’re a competitive location for international investors, there’s an opportunity to triple our manufacturing capacity over the next decade, adding £25bn to the UK economy and creating an additional 10,000 jobs in the supply chain.
“This new government funding is a clear signal of intent to secure those priorities and is vital to unlocking further co-investment from industry.”
The funding for supply chains will be made available as part of the £8.3 billion for Great British Energy over this parliament, with individual companies able to apply for grants if they can show that they will produce long-term investments in UK supply chains.
