The Crown Estate has inaugurated a £10 million funding round through its Supply Chain Accelerator, part of a larger £50 million initiative aimed at fostering early-stage developments in the UK's offshore wind sector. This fund is designed to support projects that can cultivate a robust domestic supply chain, particularly in the realm of floating offshore wind within the Celtic Sea region.
Earlier studies, such as The Celtic Sea Blueprint released by the Crown Estate, have projected significant economic benefits from deploying floating offshore wind capacity in areas off South Wales and South-West England. These developments are expected to generate approximately 5,300 jobs and inject £1.4 billion into the economy.
The first £10 million funding tranche will prioritize projects addressing key opportunities identified in the research, including floating platform components, dynamic cables, operations infrastructure, and skills development facilities. Successful applicants can receive up to £1 million in matched funding to support early-stage expenditures, with the Crown Estate potentially participating in subsequent capital investment phases.
Will Apps, offshore wind strategy director at the Crown Estate, emphasized the initiative's importance, stating, “It's vital we invest in our domestic supply chain to enable the UK to remain a world leader in offshore wind, whilst creating jobs and economic growth in communities local to these transformative projects.”
Applications for the initial funding round close on July 30, with project selections expected by October 2024 following a rigorous assessment process. Beyond the first tranche, an additional £40 million remains earmarked to support future projects aligned with the Industrial Growth Plan, aiming to triple offshore wind manufacturing capacity over the next decade.
