HUNDREDS OF UK COMPANIES TO BENEFIT FROM NEW INITIATIVE TO MAXIMISE OFFSHORE WIND SUPPLY CHAIN OPPORTUNITIES
The Offshore Wind Industry Council (OWIC) is launching a £100m, 10-year programme today to support the growth of UK businesses looking to capitalise on the huge opportunities offered by the growth in offshore wind around the world.
The new initiative, the Offshore Wind Growth Partnership (OWGP), is a key part of the recent Sector Deal between industry and Government, which will see at least 30 gigawatts of offshore wind installed by 2030, generating a third of the UK’s electricity (up from 8GW now). It will also see UK content in our offshore wind farms increase from 48% currently to 60% by 2030.
The OWGP will be delivered by the Offshore Renewable Energy Catapult which will provide support to supply chain companies to enable them to grow and to increase their competitiveness. Support will include a range of services such as expert advice on manufacturing and commercialisation as well as funding for innovation. This will:
- Help UK companies currently in the UK offshore wind supply chain
- Enhance the ability of UK companies to export products and services around the world.
- Enable companies from other sectors to enter the offshore wind supply chain.
- Inspire companies to develop the next generation of innovative products and services to meet specific industry requirements.
The programme is expected to support over 650 UK companies to access the domestic offshore wind market, as well as creating further opportunities to enter a global market expected to be worth £30bn per year by 2030. It is anticipated the annual value of UK offshore wind exports alone could grow five-fold by the end of the next decade to £2.6bn.