Government announces multi-million new offshore wind investment

The Government has announced plans to bring forward £300 million of investment for offshore wind in order to drive growth and create jobs in the UK’s energy sector, delivered through Great British Energy.

Great British Energy, the proposed new national energy company, will receive £8.3 billion in funding over the course of this parliament under the government’s plan, from which this funding will be drawn.

The Government hopes to mobilise further investment in the UK energy sector by de-risking large-scale private projects, and enabling them to apply for grants.

The funding has been fast-tracked ahead of the comprehensive spending review due in June, and is intended to support the development supply chains which manufacture key components for offshore wind.

This strategy aims to revitalise the economy of the UK’s industrial heartlands and support jobs, and alongside private investment, help deliver the transition to clean power by 2030.

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.”

Another goal of the move is to help the UK become more energy independent, in order to weather tumultuous geopolitical conditions and achieve greater national security.

PM Starmer and other senior ministers are meeting with energy business leaders in London today for the Summit on the Future of Energy Security to discuss strategies for combating global energy supply shocks such as Russia’s invasion of Ukraine.

EU Commission President Ursula von der Leyen is among the leaders who will assemble to consider how to achieve greater energy independence while also speeding up the transition to clean energy.

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.”

Energy companies will be able to apply for grants from the investment if they can show that they will produce long-term investment in UK supply chains.