'Britain's Orsted' | GB Energy will own and operate renewables projects
Uncertainty over role of UK’s new clean power champion has led some to question whether it will be ‘competitor or ally’ to existing wind and solar developers
GB Energy will develop, own and operate renewable energy assets over the long term, the UK government has said, after months of speculation over the role the new public clean power champion will play.
The board of the new clean power champion – chaired by former Siemens UK chief Juergen Maier – met for the first time this week in its new Aberdeen headquarters alongside energy minister Michael Shanks to get a handle on the company’s direction.
Maier has previously said he wants to ultimately create the UK’s equivalent of Danish state-owned renewables giant Orsted, which is one of the largest players in Britain’s offshore wind sector.
In an announcement today, the government said that GB Energy will “develop, invest in, build and operate clean energy projects across the UK.”
Specifically, the government envisages GB Energy will be involved in “leading the development of clean energy assets from inception, and owning these assets for the taxpayer over the long term.”
It will also co-develop projects with partners, through equity stakes and joint ventures; and invest in “more developed projects that are entering construction or are already in operation”.
This will ultimately help put energy “back in the hands of the British public.”
As well as owning stakes in projects it develops itself, GB Energy will be an “engaged and proactive co-developer with the private sector, local authorities, and community energy groups.”
The announcement also sought to clear up confusion about potential overlap between the role of GB Energy as an investor in the UK’s clean power supply chain and the National Wealth Fund (NWF), the UK government’s principal investor and policy bank.
GB Energy and the NWF will “undertake different, but complementary roles in the market,” said the government. The NWF remains the UK’s “principal investor and policy bank” and GB Energy will play a “new and distinct role” as a developer.
Whether GB Energy’s £8.3bn ($10.8bn) budget will allow it to invest in major offshore wind projects crucial to the UK’s clean power strategy while also fulfilling its other roles remains to be seen.
GB Energy has been touted as a potential investor in floating wind in order to help get the struggling sector off the ground.
GB Energy also today opened applications for the permanent CEO role in a job posting on LinkedIn, describing it as a “once-in-a-generation opportunity to shape the future of British energy and leave a lasting impact on the country’s prosperity, security, and sustainability.” (At time of writing, LinkedIn says 59 people have clicked apply).