The UK Department for Business, Energy and Industrial Strategy (BEIS) has launched an Offshore Wind Investment Programme to support the delivery of manufacturing investment in the offshore wind supply chain in disadvantaged or deprived regions in the UK.
UK-registered businesses can apply until 11:59 p.m. on 30 May for a grant funding for major investments in the manufacture of offshore wind components, including blades, towers, export and array cables, monopile foundations, or other strategically important components.
The funding is aimed at providing an economic boost in the country, and especially in the deprived areas.
“It is currently estimated that there are 7,200 direct offshore wind jobs in the UK. The offshore wind sector could deliver 60,000 direct and indirect jobs by 2030. This scheme will be integral to delivery of this employment, which will be essential to building back better through a green revolution in post-Covid recovery, particularly in regionally deprived areas”, BEIS states.
This programme also aims to ensure that offshore wind continues to contribute to reducing costs and is more cost competitive in the UK market, and that the UK can meet domestic targets. The country plans to have 40 GW of offshore wind capacity by 2030 and to achieve net zero by 2050.
Applicants will be required to provide substantial contribution to the investment costs of a relevant project in addition to the amount sought from BEIS, and other public funds.
The invitation for applications for this funding is an open ‘challenge fund’ scheme, and applications will be considered on a rolling basis, with applicants to be assessed in line with the methodology set out in BEIS Guidance Document. Any final decisions to offer public funding will be made at the discretion of ministers taking into account information arising from the process.