UK Government opens £160 million floating wind fund

4C Offshore | Tom Russell
By: 20/05/2022 BEIS
Prime Minister Boris Johnson and Business and Energy Secretary Kwasi Kwarteng have announced the appointment of Tim Pick as the first UK Offshore Wind Champion. Furthermore, it was revealed that the £160 million floating offshore wind fund has opened for expressions of interest.

The Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) will provide £160 million in government funding to boost floating offshore wind capability around the UK at sites in Scotland, Wales and elsewhere by supporting manufacturers and giving private investors the confidence to back this emerging sector which is expected to rapidly expand in the years ahead.

Tim Pick has been tasked to accelerate new offshore wind projects around the UK, chairing the Offshore Wind Acceleration Taskforce (OWAT). This Taskforce aims to bring together companies from across the offshore wind sector to coordinate their efforts, and speed up the further development of offshore wind power in the UK.

The government announced in the British Energy Security Strategy its ambition to deliver up to 50GW of offshore wind by 2030, including up to 5GW of innovative floating wind, produced by turbines on floating platforms out in deeper seawaters, many off the coast of Scotland and Wales.

Business and Energy Secretary Kwasi Kwarteng said: "We are delighted to appoint Tim Pick as the UK’s first Offshore Wind Champion and begin the process of supporting British jobs and offshore wind manufacturers with £160 million of government funding.

"Our announcement today represents another important step in our ambitious plans to accelerate offshore wind as a source of affordable, homegrown energy for the UK and drive down bills for households."