Boost for inward investment and innovation in offshore wind
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
Michael Fallon has announced the creation of an Offshore Wind Investment Organisation (OWIO) to boost levels of inward investment and to further stimulate jobs in the UK offshore wind industry
Press notice: 13/061
Business and Energy Minister, Michael Fallon has announced the creation of an Offshore Wind Investment Organisation (OWIO) to boost levels of inward investment and to further stimulate jobs in the UK offshore wind industry, alongside Government support for three offshore wind innovation projects.
Energy Minister, Michael Fallon said:
“Offshore wind is a major success story for the UK, and we want to boost levels of inward investment. This will be an important part of our industrial strategy for the sector later this year, and we are creating the Offshore Wind Investment Organisation to drive that activity.
“We already have more installed offshore wind than anywhere else in the world, and this brings enormous economic benefit to our shores, supporting thousands of skilled jobs.
“Through the formation of this industry-led partnership and through our support for innovation projects, we will boost the positive benefits that the offshore wind sector can bring to the UK economy.”
The OWIO is one of the recommendations of the forthcoming industrial strategy and will be headed by a senior industry figure. The organisation will be a partnership between industry and Government, established by UK Trade & Investment, that will complement the work of DECC and BIS in delivering the Government-wide offshore investment objectives.
Michael Fallon also announced three innovation projects that Government will support as part of Offshore Wind Components Technologies Scheme:
Power Cable Services Limited, based in Kent, have been awarded a £540,000 grant towards their high voltage subsea cable jointing technology project
Aquasium Technology Ltd with partners Burntisland Fabrications Ltd and TWI have been awarded a grant of £769,600 towards their cost-effective fabrication project.
Wind Technologies Ltd (Cambridge) have been awarded a £728,355 grant to design, manufacture and test an innovative 5MW medium speed drive train concept.
The Minister announced the support during his keynote speech to Renewable UK’s Offshore Wind 2013 conference in Manchester today.
Industry delegates at the conference are also able to attend the first ‘Share Fair’ session enabling them to hear about investment opportunities from major players in the market. This addresses one of the priorities identified by the offshore wind industrial strategy partnership between Government and industry.
Notes for Editors:
- Companies taking part in Share Fair include DONG Energy, ScottishPower Renewables and Statoil.
- The Offshore Wind Industrial Strategy is being developed in a partnership between the Government and industry. It is a long term vision to help bring companies to the UK, build the competitiveness of the UK supply chain, create jobs, improve skills and boost the economy, as well as delivering a vital contribution to our energy mix. It will be published later this year.
- The industrial strategy is a long-term partnership, setting out an approach which looks decades into the future to how Government supports business and recognises investment lead times. It will build confidence to invest, grow and create jobs.
- In 2020/21, under a strong growth scenario, the offshore wind industry could deliver up to £7bn Gross Value Added and support more than 30,000 full time equivalent UK jobs.
- Three innovation projects that Government will support as part of Offshore Wind Components Technologies Scheme:
- Power Cable Services Limited
- Aquasium Technology Ltd
- Wind Technologies Ltd (Cambridge)
- Find out more about the Offshore Wind Components scheme
- Read the RenewableUK press release: Norstec sets sail with RenewableUK Board Director at the helm.