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Government announces offshore wind projects to be part of guarantee scheme

RENEWABLEUK PRESS RELEASE ON TREASURY ANNOUNCEMENT

The Government has today announced that two major offshore renewable energy projects have been earmarked to receive a share of the £40 Billion government infrastructure guarantee scheme.

Able Marine Energy Park, a port facility to support the manufacture, assembly and installation of offshore renewable technologies on Humberside, and Mainstream Renewable Power’s Neart na Gaoithe Offshore Wind Farm in the Firth of Forth, which is set to produce enough clean electricity to power 325,000 homes, were today named as ‘pre-qualified projects’.

Although only a first step today’s news does give hope that these projects will be able to rely on the Government as a guarantor which should help to bring confidence to investors as the projects move forward. It shows that the government sees offshore wind as a crucial part of our future energy infrastructure needs.

Welcoming today’s news RenewableUK’s Director of External Affairs, Jennifer Webber, said: “This is an important step in the timeline of these two projects, and is a further sign of the progress and momentum in the offshore wind sector. It is the first hurdle in the infrastructure guarantee scheme and we still need to see the full details, but it is fundamentally a statement of intent on behalf of the Government that offshore wind projects are a safe bet for the future.

“These are the type of projects we are expecting to see more of in the coming years as we see offshore wind playing an increasingly important role in our energy mix, while at the same time creating jobs and manufacturing opportunities that will help us compete in the global economy.”

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