Crown Estate of the UK to invest 400 million stg offshore wind

The Crown Estate of King Charles III, which controls the seabed in Britain, announced on Tuesday that it would invest up to $400 million pounds ($543 millions) into the offshore wind industry.

It said that the investment would support the construction and development of new infrastructure including ports, supply chains, manufacturing facilities, and research and test facilities to enable the deployment and use of offshore wind in Britain.

Insufficient supply chain capacities are one of the main barriers to further offshore wind deployment. Britain wants to decarbonise the electricity sector by 2030, and increase renewable energy, especially offshore wind, in order to protect it from price fluctuations of fossil fuels.

Two programmes will channel the capital. The capital will be channelled through two programmes.

Crown Estate has also launched a 50-million-pound-programme to support early-stage development of projects. The second round of funding, which awards up to 15-million-pounds to UK ports and port related infrastructure, is now open. Applications close on June 27, 2018.

The Crown Estate granted approval to seven wind farm projects that are currently leased on seabeds. Reporting by Nina Chestney, Editing by Shri Navaratnam.

(source: Reuters)