Notice

Great British Energy: developer role and partnership with National Wealth Fund

Published 19 March 2025

Great British Energy (GBE) is a publicly owned energy company with a mission to accelerate clean power deployment to create jobs, boost energy independence, and ensure UK taxpayers, billpayers, and communities reap the benefits of clean, secure, homegrown energy. To achieve this, GBE will establish itself as an expert development partner and will develop, invest in, build and operate clean energy projects across the UK.

The National Wealth Fund (NWF) is the UK government’s principal investor and policy bank with a mandate to mobilise additional private capital in support of the UK’s growth and clean energy missions. The NWF remains the place for clean energy projects to go if they have a financing challenge.

GBE’s mandate as a developer

GBE will support projects at all stages of their life cycle - from early development through to successful operation. Led by a CEO and Board with deep industry expertise, GBE will evolve into a developer, owner and operator of strategic energy assets – putting energy back in the hands of the British public.

GBE will own stakes in the projects it develops itself, as well as being an engaged and proactive co-developer with the private sector, local authorities, and community energy groups.

GBE’s capital and expertise will drive forward clean energy generation by derisking projects across their lifecycle, particularly at the development stage. This will help support our Clean Power 2030 ambition and the long-term energy mix needed to accelerate to net zero.

GBE and the NWF will undertake different, but complementary roles in the market. The NWF remains the UK’s principal investor and policy bank and GBE will play a new and distinct role of a developer. GBE will be staffed by sector specialists, allowing GBE to bring development expertise on the projects which it develops.

As the UK government’s strategic and connected energy company, GBE’s expertise will help to drive the deployment of the nascent and more established technologies required to hit Clean Power 2030 and beyond. GBE’s involvement in these projects will provide a strong signal to the supply chain and investors, helping to build confidence in sectors such as floating offshore wind.

Specifically, it is envisaged that GBE’s development activities will involve:

• leading the development of clean energy assets from inception, and owning these assets for the taxpayer over the long term
• co-developing projects with partners, through equity stakes and joint ventures
• investing in more developed projects that are entering construction or are already in operation, to help build GBE’s development expertise as it scales up

GBE’s role in the local and community energy sector will complement the NWF’s local authority lending and advisory function, including by providing funding to community energy groups.

These activities will set up GBE as a valuable organisation with a distinct role in the UK energy market, allowing it to grow into our national energy champion. This important role will be further strengthened by GBE’s other activities, which will include providing support for clean energy supply chains.

Partnership between GBE and the National Wealth Fund

The combination of GBE and the NWF’s expertise will provide a strong end-to-end clean energy development and finance offer. Having two state institutions playing these distinct and complementary roles of developer and bank mirrors a common model seen across the world, including in Japan and Denmark.

The two organisations will work closely together to support GBE to establish itself quickly as a publicly owned clean energy company, drawing on the NWF’s experience as an investor.

If a project is looking for development and capability support, it should go to GBE. The NWF remains the place for clean energy projects to go if they want a policy bank to help plug a financing gap. Where clean energy project developers and owners are unsure which organisation is best suited to their needs, they should approach both GBE and the NWF.

To find out more about GBE, please visit gbe.gov.uk, where you can get in touch directly via the ‘contact us’ page.