UK Offshore Wind Sector Presents Investment Opportunity of Up to GBP 21 Bln
The UK has more offshore wind turbines than the rest of the world put together and a pipeline of investment opportunity of up to £21 billion by 2020.
The UK is the biggest market in the world for offshore wind, on track to deliver over 10GW by 2020. A new report ‘UK Offshore Wind: Opportunities for trade and investment’ champions the UK as the best location in the world for trade and investment in the offshore wind sector.
The sector presents an investment opportunity of up to £21 billion by 2020, according to UK Trade and Investment’s (UKTI) new report. Energy Secretary Edward Davey launched the report at the RenewableUK conference in Manchester today.
Edward Davey MP, Secretary of State for Energy and Climate, said: “This unique collaboration between UKTI, The Green Investment Bank, The Crown Estate, RUK and the Offshore Wind Programme Board, sets out why the UK is the best place in the world for doing business in offshore wind. With a stable and predictable policy regime, with more installed capacity than any other country in the world, with operating capacity set to double by 2020 and with a growing supply chain capability, the UK represents a fantastic investment opportunity.”
The UK consistently tops international rankings as the best place to invest in offshore wind and has been successful in attracting investment from across the globe.
Government and industry are working in partnership through the UK government’s industrial strategy programme to boost growth in the sector.
Suppliers like Siemens have already chosen the UK as the site for future world class manufacturing facilities, and there are great opportunities for further investment in the supply chain.
Existing UK businesses are world leaders in offshore wind project services for:
They are also in a strong position to export to the wider European market.
Government and industry offer support to access investment and export opportunities. UKTI’s Offshore Wind Investment Organisation (OWIO) produced the ‘UK Offshore Wind: Opportunities for trade and investment’ report alongside leading industry bodies supporting the sector. The industry bodies include:
- Green Investment Bank
- The Crown Estate
- Offshore Wind Programme Board
The Offshore Wind Investment Organisation helps companies to access the exciting opportunities for trade and investment in the UK offshore wind sector. It offers:
- market insight
- links with opportunity providers
- single point of contact to help navigate UK government support
Press release; Image: London Array