Overview

• The £1bn public-private agreement allocates £400m from The Crown Estate, £300m from Great British Energy and £300m of matched private industry funding.
• Investments will back the construction of new ports, supply chain manufacturing sites and early-stage project development for offshore wind.
• Up to £544m from the government’s clean industry bonus will be distributed through contracts for difference to support projects in deprived areas and cleaner supply chains.
• The plan targets 50GW of offshore wind capacity by 2030 to decarbonize the grid and bolster the UK’s energy security.
• Analysts forecast the expanded supply chain could create over 10,000 jobs and contribute £25bn to the economy by 2035.