UK Energy Secretary Ed Miliband has increased the budget for the Clean Industry Bonus, which will provide financial rewards for offshore wind developers, from an initial GBP 200 million (approximately EUR 238 million) to GBP 544 million (about EUR 646 million).
According to the UK government, hundreds of bids have come through from the UK’s offshore wind sector.
The Clean Industry Bonus will provide financial rewards for offshore wind developers on the condition that they prioritise investment in regions that need it most or in cleaner supply chains, including traditional oil and gas communities, ex-industrial areas, and ports and coastal towns.
The government said it will support cleaner manufacturers, new upgraded factories, port infrastructure, and more business for UK supply chains while supporting highly skilled jobs such as engineers, electricians, and welders in the clean energy transition.
“This additional funding has the potential to help secure billions in private investment in new factories manufacturing components for the offshore wind industry across the UK. Importantly for the country, these investments will create new jobs in coastal communities which need fresh opportunities,” said Ana Musat , RenewableUK’s Executive Director of Policy.
For every GBP 1 spent on the bonus, it is expected to leverage up to GBP 17 of private sector investment, primarily into some of the UK’s most deprived communities.
The application window for the Clean Industry Bonus is closed, with the winners expected to be announced after the final budget in May.
Last month, UK Prime Minister Keir Starmer announced GBP 300 million of funding through the country’s publicly owned clean energy company, Great British Energy, to invest in domestic offshore wind supply chains.
This will allow the company to invest in new supply chains for offshore wind manufacturing components such as floating offshore platforms and cables.
“The Clean Industry Bonus is a good starting point as part of a wider industrial strategy which the government is due to unveil in full this summer, and which we hope will be complimented by new policies to support the expansion of UK ports. With larger ports, we could secure even more investment in offshore wind manufacturing and turbine assembly,” said Musat .
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