UK Government invests £300m to build domestic supply chains for wind farms

The UK Government will funnel £300m of funding to the development of domestic supply chains for offshore wind, reducing the nation’s reliance on imports and creating new manufacturing jobs.

Prime Minister Keir Starmer and Energy Secretary Ed Miliband will present the plans in full at an international energy security summit jointly hosted by the UK Government and the International Energy Agency (IEA) this week.

The Government has already stated that the funding has been “fast-tracked”. It will be used to support the creation of new supply chains for offshore wind manufacturing components such as floating offshore platforms and cables.

Starmer said his Ministers are “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”.

Funding will be provided through Great British Energy – the new, publicly-owned energy investment company created by the Labour-led Government in a bid to de-risk the energy transition and crowd in private investment.

Great British Energy’s interim CEO Dan McGrail said: “We 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.”

The funding comes atop other initiatives designed to grow domestic supply chains for renewable energy.

The Government already provides offshore wind developers in receipt of Contracts for Difference (CfD) funding with bonus payments for sourcing from local suppliers that create jobs in ‘areas that need it most’ – a mechanism called the Clean Industry Bonus, introduced under the previous Conservative administration.

Elsewhere, suppliers have secured funding through the Crown Estate and the National Wealth Fund.

Article first appeared in edie UK Government invests £300m to build domestic supply chains for wind farms – edie