£300M investment will help grasp ‘huge opportunities’ in offshore wind supply chain 

It is expected the investment will directly and indirectly mobilise billions in additional private investment, helping derisk clean energy projects and supporting thousands of jobs and revitalising the UK’s industrial heartlands. The public investment complements the £43Bn (US$57Bn) of private investment pledged for clean energy projects since July.

The money has been fast-tracked by the Prime Minister, Keir Starmer, ahead of the Comprehensive Spending Review, and will allow Great British Energy – the country’s publicly owned clean energy company – to invest in supply chains for components such as those required for floating offshore windfarms and cables. In a statement, the government said the new investment is part of the Prime Minister’s drive to ensure the clean energy future is ‘built in Britain.’

The Prime Minister 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.”

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.”

The Prime Minister, ministers and business leaders will gather in London today for a two-day summit on the Future of Energy Security – hosted by the UK government and International Energy Agency – as countries take action to protect themselves from future energy shocks in these unstable times. Leaders from around the world, including the President of the EU Commission Ursula von der Leyen, will come together to address the global challenges and opportunities of speeding up the clean energy transition.

The Energy Secretary Ed Miliband, Business Secretary Jonathan Reynolds, the Minister for Investment Baroness Poppy Gustafsson, National Wealth Fund chief executive John Flint and Great British Energy Chair Juergen Maier will today write to global clean energy developers and investors inviting them to invest here in Britain. It follows the government announcing a series of progrowth measures including major reforms to speed up grid connections and overhaul planning rules.

Interim chief executive of Great British Energy Dan McGrail said, “Great British Energy will 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.”

RenewableUK deputy chief executive Jane Cooper said there is a “huge opportunity” for the UK to secure thousands of new jobs and supply chain investment in the sector, which will make the home-grown energy supply even more secure. She said the Prime Minister’s funding “will be critical to ensuring the UK grasps the industrial opportunities in the offshore wind supply chain, at a time of intense global competition for clean energy investment… nurturing existing UK companies and ensuring the UK is a competitive location for international investors.”

The funding for supply chains will be made available as part of the £8.3Bn for Great British Energy over this parliament, with individual companies able to apply for grants if they can show that they will produce long-term investments in UK supply chains.