– The Crown Estate has launched a £50 million Supply Chain Accelerator fund to support early-stage development of projects linked to offshore wind in the UK.
– A £10 million round of funding is open for businesses to apply for, with a focus on developing a new UK supply chain capability for floating offshore wind in the Celtic Sea.
– The accelerator aims to support projects that address opportunities identified in the Celtic Sea Blueprint, with the potential for further funding of £40 million to support UK projects aligned with the Industrial Growth Plan for offshore wind.
The UK offshore wind industry will benefit from increased early-stage investment in the supply chain with the launch of The Crown Estate’s Supply Chain Accelerator. This new £50 million fund aims to accelerate and de-risk the early-stage development of projects related to offshore wind, focusing on growing and nurturing the UK’s domestic supply chain. The accelerator is specifically targeting projects that can support the development of a new UK supply chain capability for floating offshore wind in the Celtic Sea.
The first round of funding from the accelerator is £10 million, open for Expressions of Interest from businesses seeking to establish projects that could contribute to a new UK supply chain for floating offshore wind. The research published by The Crown Estate earlier this year, The Celtic Sea Blueprint, highlighted the potential for job creation and economic boost through deploying floating offshore wind capacity in the Celtic Sea off South Wales and South-West England.
The accelerator aims to kick-start projects by providing matched funding of up to £1 million for early-stage development expenditure. The application process opens in mid-June and closes at the end of July, with successful projects to be chosen and announced from October 2024. The Crown Estate plans to support UK projects that align with the opportunities identified by the Industrial Growth Plan to triple offshore wind manufacturing capacity over the next decade. This investment is crucial for the UK’s offshore wind industry to remain competitive and meet the global demand for decarbonization.