The offshore wind industry has today unveiled a new investment guide to boost supply chain growth in the UK.
The UK Offshore Wind Supply Chain Investment Guide was launched at RenewableUK’s Global Offshore Wind conference in London.
The guide provides a practical overview of opportunities in the UK’s offshore wind market; specifically the investment support mechanisms which are available to build up new supply chains around the country, with public and private finance working together to deliver economic growth.
It has been developed by the Offshore Wind Industry Council (OWIC) in partnership with RenewableUK and two Government departments: Energy Security & Net Zero and Business & Trade.
The guide builds on the sector’s Industrial Growth Plan which shows how the UK can triple offshore wind manufacturing and the provision of services by 2035, creating 10,000 extra jobs and attracting £25 billion in private investment by focusing on high-value components such as turbine blades, towers, foundations and cables, as well as building, operating and maintaining offshore wind farms.
The guide identifies and profiles a number of providers of financial support for offshore wind supply chain growth, including Great British Energy, The Crown Estate, Highlands and Islands Enterprise, the Development Bank of Wales, and more.
By summarising how they can offer support, for example via loans or grants, the guide explains how these providers can help companies investing in manufacturing facilities or providing services. It includes case studies which show how these financial instruments are already being used successfully.
It also highlights offshore wind clusters throughout the UK – coastal regions where companies involved in the sector are already concentrated, and where there is an expectation that other firms will join them as the industry’s supply chain continues to grow, as set out in OWIC’s recently-published Regional Growth Prospectuses.
In addition, the guide lists a range of initiatives to help companies to recruit new staff and create new products.
The Offshore Wind Industry Council’s vice-chair and supply chain workstream sponsor Clark MacFarlane, chairman of Siemens Gamesa UK, said: “In the UK we are developing more support for the supply chain.
“This guide cuts through the complexity to showcase the financial assistance available to deliver a significantly higher level of investment across the offshore wind sector.
“It will help all businesses to understand where to access support at every stage, from early development to construction and operation.
“It sends a clear message that the UK is open for business and is ready to partner with those who want to build the supply chain for the energy system of the future.”
Energy Minister Michael Shanks added: “The clean energy transition is the economic opportunity of the 21st century – and offshore wind is at the very heart of Britain’s efforts to deliver a clean power system by 2030.
“This guide is a valuable resource for investors and businesses alike. It sets out how public and private finance can work together to grow the UK’s offshore wind supply chains and support skilled jobs, reinforcing our global leadership in this sector.”