UK's State-Owned Clean Energy Firm Collaborates with Crown Estate to Boost Offshore Wind and Hydrogen Projects
Key Ideas
  • The UK government is introducing a bill to establish Great British Energy, a publicly owned clean energy company, in partnership with The Crown Estate, focusing on offshore wind, hydrogen, and other clean energy projects.
  • Great British Energy will play a significant role in reducing risks for developers in offshore wind projects, aiming to accelerate project development and attract private sector investments.
  • The new state-owned clean energy company will have a headquarters in Scotland and is expected to receive GBP 8.3 billion of investment to support clean energy projects across the UK, potentially leveraging up to GBP 60 billion of private investment.
  • Legislation will solidify Great British Energy's functions, including project development, investment, local power plans, building supply chains, and collaboration with Great British Nuclear for clean energy delivery in the UK.
The UK government is set to establish Great British Energy, a publicly owned clean energy company, through a partnership with The Crown Estate. This collaboration aims to boost offshore wind, carbon capture and storage (CCS), hydrogen, and marine energy projects. By 2030, they plan to introduce 20-30 GW in new offshore wind seabed leases. The partnership will also focus on supporting new technologies like CCS, hydrogen, wave, and tidal energy. Great British Energy will work to reduce risks for developers in offshore wind projects, facilitating faster project development and attracting private sector investments. The company, headquartered in Scotland, is backed with GBP 8.3 billion of new investment to own and invest in clean power projects across the UK, potentially leveraging up to GBP 60 billion of private investment. The legislation around the clean energy company will define its key functions, including project development, investment, local power plans, and building supply chains. Additionally, collaborations with Great British Nuclear are planned. The government aims to accelerate the delivery of clean energy in the UK through strategic priorities set for Great British Energy. The UK government is also introducing The Crown Estate Bill to support the acceleration of offshore wind capacity by 2030. This bill will expand The Crown Estate's investment powers and grant borrowing capabilities for essential marine investment.
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