Challenge Capital asks support for offshore wind industry (UK)

Following the green light for the UK’s first major offshore wind manufacturing facility on Teesside last week, Challenge Capital, who led the deal, is calling for developers to back the UK offshore wind supply chain.

Says Sean McLaughlin a partner at Challenge Capital LLP who led the transaction “TAG and their new funders have put up the cash and are building the facility. It is now the developers turn to provide backing with orders and help establish an efficient and robust supply chain. Otherwise the Renewable Premium will continue to be spent abroad.

It’s two years since the UK became the world leader in installed offshore wind capacity and only last week Chris Huhne opened the world’s largest offshore wind farm off the Kent coast, yet almost nothing for this development was manufactured in the UK. On the other hand Denmark Belgium and Holland, who currently host a large proportion of the supply chain, started their investment in offshore wind as far back as the early 90’s.”

Developers need the supply chain to be established if they are to invest in Offshore Wind but now that companies such as TAG are putting their money up it is essential that these major electricity generators allow TAG and others to bid alongside the existing players.

Sean McLaughlin continues “TAG received financial support from the last government and it is now Chris Huhne’s turn to encourage developers to support UK PLC. He has made his views on nuclear power clear, now he has the chance to chat to EDF about an area he says he wants them and other electricity generators to focus on – they are about to place orders for their first offshore wind farm only a few miles down the river from TAG. ”

(prweb)

[mappress]

Source: prweb, October 01, 2010;