New £100mn fund launched to capitalise on offshore wind opportunities

The Offshore Wind Industry Council (OWIC) has promised that a new £100mn initiative will help hundreds of businesses to “maximise opportunities” in the offshore wind supply chain.

On Monday 24 June, the OWIC explained that the Offshore Wind Growth Partnership (OWGP), part of the £250mn Offshore Wind Sector Deal, will provide practical help for UK companies to compete successfully for contracts in the global market – expected to be worth £30bn/yr by 2030. Funds will be invested over 10 years, with expert advice on manufacturing and commercialisation, support for exporting products and services and investment for innovation all set to be provided.

An industry study will also be launched into the foundations of market of offshore wind, aiming to identify potential barriers to growth for UK firms in the current market.

Energy Voice