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Offshore wind to get investment boost

wind investment

Business and energy minister, Michael Fallon has announced the creation of an Offshore Wind Investment Organisation (OWIO) aimed at boosting levels of inward investment and providing a stimulus to creating jobs in the UK offshore wind industry. 

Mr 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.

The announcement has been welcomed by trade body RenewableUK with its chief executive, Maria McCaffery, saying: “This news is a welcome boost for British industry and restates the government’s acknowledgement that offshore wind represents massive economic potential for the UK. The fact that this new organisation will coordinate government’s work with business via a leading industry figure is important as it further cements the positive relationship between government and industry, as we work together to build the investment climate we need going forward.”