UK Firms To Invest £100 Million To Leverage Wind Power Generating Capabilities – Market News Store

UK Firms To Invest £100 Million To Leverage Wind Power Generating Capabilities

A fund worth around £100 million has been created which will enable UK firms to capitalize on the current boom in the offshore wind industry. The UK is very conveniently located for the exploitation of wind power. Due to this, turbines are now present in over 30 locations to Moray Firth all the way from Brighton.

However, trade unions are of the opinion that the current boom hasn’t yet generated ample jobs for workers in UK. The OWIC states that this initiative will be useful for helping firms numbering hundreds maximize their opportunities in offshore wind energy supply chain. OWGP is likely to enable practical support for UK-based companies.

This way, they will be able to compete for deals in a successful manner in global markets, as per Benj Sykes, OWIC chairman, and UK manager for Orsted. OWIC comprises of industry and government members. It is looking to invest its privately-raised capital over a period of 10 years for supporting companies in its supply chain.

Companies which manufacture various parts, maintain wind-energy based farms and lay cables will receive aid in the form of expert advice for commercialization and manufacturing, or even innovation-driven funding. Support will be extended for export of services and products.

It is estimated that the wind energy market in offshore regions will have a value of over £30 billion a year by 2030. The UK will be responsible for at least 33% of this sector. The OWIC intends to increase UK business’ participation in the wind industry all the way to 60%, from around 48%.

This is as per a sector-based deal between government and industry. The fund is promised to bring economic opportunities, thousands of jobs and investment to the country, as per Chris Skidmore, a UK minister.

GMB’s Tim Roache had stated that politicians in Britain had to increase their efforts in the renewables sector to encourage jobs. Fife could see over 1000 jobs created if EDF chooses local firms for manufacturing its wind farm parts here instead of Spain, Indonesia and Belgium.

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