UK's $400m offshore wind supply chain carrot

The UK will pump £300m ($398m) into boosting its offshore wind supply chain in a bid to attract new investment into the sector.

The money will be available in grants awarded via GB Energy, the state-backed energy investment vehicle set up by the nation’s Labour government last year.

Individual companies will be able to apply “if they can show that they will produce long-term investments in UK supply chains”, said a government statement.

The new UK government has made offshore wind a key plank of its energy and wider industrial strategies, with plans to boost deployment to 43-50GW of offshore wind by the end of the decade from around 15GW now.

Ministers are keen to end a long-standing perception that the main industrial benefits of Britain’s booming offshore wind market are reaped abroad, with the exception of some major plants such as Siemens Gamesa’s Hull facility.

The statement announcing the grants singled out floating wind platforms and cables as examples of where the grant money could flow.

Dan McGrail, interim CEO of GB Energy said it aims to “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 government tied the launch of the grants to the wider issue of energy security, which is the subject of a summit hosted in London by the International Energy Agency that begins today.