King Charles III’s Crown Estate announced on Tuesday it will invest up to £400 million ($543 million) in Britain’s offshore wind supply chain. The investment aims to build new infrastructure such as ports, manufacturing facilities, and research centers.
This will help support the growth of offshore wind energy across the UK.
One major challenge to expanding offshore wind is the lack of supply chain capacity. The UK plans to mostly decarbonize its electricity sector by 2030.
Increasing offshore wind power is a key part of this plan. It will also help protect the country from rising fossil fuel prices.
The £400 million will be split into two programs. The first is a £350 million supply chain investment program. This will fund the construction of ports and other supply chain infrastructure.
The second program is £50 million for early-stage project development. This program is currently accepting applications for its second funding round, which will award up to £15 million for UK ports and related infrastructure. The application deadline is June 27.
Last month, the Crown Estate approved expansions at seven existing offshore wind farm projects on its seabed leases. This move supports the UK’s goal to boost renewable energy capacity.
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