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UK government reveals £160m fund for floating offshore wind ports

By: Tom Russell 01/11/2021 BEIS

General Windfarms

Prime Minister Boris Johnson has announced up to £160 million in new funding to support investment in floating offshore wind ports and factories. The newly allocated funding will support the target in the Prime Minister’s Ten Point Plan to deliver 1GW of energy through floating offshore wind by 2030.

It is expected that the £160 million, boosted by private sector investment, will develop port infrastructure capable of mass-producing floating offshore wind turbines and installing them out at sea.

UK Prime Minister Boris Johnson said: "Offshore wind is a UK success story in forging our Green Industrial Revolution. Tapping into this emerging sector will boost our clean electricity generation even further, creating jobs and green innovation across the whole of the UK."

Business & Energy Secretary Kwasi Kwarteng said: "This investment will help to attract further private sector backing to boost our industrial heartlands. It will create and support thousands of good quality jobs ensuring they remain at the forefront of the next generation of clean energy as we build back greener."

"Floating offshore wind is key to unlocking the spectacular wind energy resource we enjoy in the UK, particularly in the deep waters around the coasts of Scotland and Wales. This new investment will put us in a leading position to capture the full economic benefit of this fast growing industry."

The newly allocating funding follows the success of the UK Government’s £160m scheme to upgrade ports and infrastructure for the conventional offshore wind industry, which has secured around £1.5bn of investment, including new offshore wind ports in Teesside and the Humber. 

The UK has 10 GW of offshore wind in operation, more than any other country in the world. Government support for offshore wind generation has been increasing with the cost of the technology falling by two thirds in the last five years. Last year Boris Johnson pledged that every UK home will be powered by electricity from offshore wind farms by 2030.

In December, the UK government is expected to open Round 4 of its Contracts for Difference auction. The fourth round aims to secure up to 12 GW of renewable energy generation for delivery between 2023 and 2027. The CfD scheme is the government’s primary method of supporting low-carbon electricity. It is designed to encourage investment in renewable energy by providing projects with a stable income, while protecting consumers from paying increased costs when electricity prices are high. The scheme is open to fixed offshore, floating and onshore wind energy as well as other renewable energy technologies. According to the BEIS, an overall budget of £265 million has been made available for bidding projects.

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UK government reveals £160m fund for floating offshore wind ports

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