King Charles’ Crown Estate to invest £400m in offshore wind supply chain
King Charles III’s property firm is to invest up to £400m of fresh capital into the UK’s offshore wind supply chain, it has been announced.
The Crown Estate has earmarked £350m for investment into the construction of a new port and supply chain infrastructure it said would support “accelerated delivery of UK offshore wind projects.”
The other £50m will support “early-stage project development,” delivered via a succession of funding rounds.
Investment from The Crown Estate, which manages a £16bn portfolio of land and owns the UK’s seabed, is a big boost for the government as it looks to decarbonise the grid by 2030.
Energy Secretary Ed Miliband has suffered a succession of blows in recent months, including the abrupt termination of Ørsted’s contract at Hornsea 4, one of Britain’s biggest-ever offshore wind farms if completed.
Capacity in supply chain a key hurdle
Inadequate capacity in the offshore wind supply chain is seen as a key hurdle for the sector and private investors.
“The UK is a leader in offshore wind, which we know creates jobs, growth, and innovation,” Juergen Maier, chair of Great British Energy, said.
“Only by working with our partners will we be able to find the scale to unlock the benefits for the UK and reach our goal of clean power by 2030.”
Ben Brinded, head of investment at The Crown Estate, said: “We will not unlock the full economic, social and environmental benefits of offshore wind without collaboration and investment into the UK supply chain.
“Building out enabling infrastructure is critical if we are to accelerate deployment off our coasts, derisk projects for investors and create local economic opportunities.
“The Crown Estate’s proposal to invest up to £400m in the offshore wind supply chain through two targeted programmes is recognition of offshore wind’s vital role in the UK’s clean energy transition and the many wider benefits it creates.”