The Global Underwater Hub says that floating offshore wind represents the greatest opportunity for the UK’s £8bn subsea industry of this generation.
The new strategic, intelligence-led organisation is building a case for government to support the industry as an enabler with the greatest potential to deliver UK capability that will place it at the forefront of floating offshore wind.
Through the UK Government’s Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS), up to £160m will be made available to scale-up the deployment of floating offshore wind and to invest in key areas where the UK has competitive advantage.
The latest round of the Contracts for Difference (CfD) scheme has been lauded by the Government as the most successful ever, with more than 11GW of renewables capacity securing contract, including a big milestone for floating offshore wind.
The UK’s Department for Business, Energy and Industrial Strategy (BEIS) unveiled the results of the fourth CfD round.
In total, 93 projects with existing planning permission across the UK have now secured contracts, totaling 11GW in capacity. According to the Government, this is greater than the capacity of all three previous CfD rounds combined.
The majority of contracts went to offshore wind projects, with 7GW now confirmed through the scheme. Once online, it will increase the nation’s overall offshore capacity by one-third and builds towards the Government’s aiming of installing 50GW of offshore wind capacity by 2030.
The prices for contracts of offshore are also 70% lower than those secured in the first CfD allocation back in 2015.
Construction works have got underway for SeAH Wind’s new £400m offshore wind foundation factory in Teesside.
The South Korean steel manufacturer’s 1.13 million square foot facility will produce bases for offshore wind turbines and will be based at Redcar’s Teesworks industrial zone.
It is the first scheme driven by private sector investment to begin construction at any UK Freeport, Teesworks said.