Around USD 39 Million Subsidy to Seal Siemens Deal (UK)

Around USD 39 Million Subsidy to Seal Siemens Deal (UK)

ABOUT £25 million of subsidy funding is being used to seal a deal to bring Siemens to Hull, it is being reported.

A long-awaited planning application to build an £80 million wind turbine factory at Alexandra Dock in east Hull could be submitted soon, according to today’s Hull Daily Mail.

The German manufacturing giant is working with Associated British Ports on the project.

Hull City Council recently announced it was contributing £5 million towards the proposed development.

Council leader Steve Brady said the value of the authority’s support should not be under- estimated when the Government was only contributing just under £10 million.

He said: “Our £5 million is not an insignificant amount.

 “It represents 50 per cent of the additional capital budget we announced recently and is half of what the Government has put forward. In that context, it is a very significant contribution in cash terms.”

The remainder of the subsidy package is understood to include agreements between the Government and the Crown Estate, which manages the Humber seabed and oversees port-related licences.

(25 000 000 British pounds = 39.2375 million U.S. dollars)


Source: footprintrenewables, December 02, 2011; Image: siemens