Great British Energy, a new UK government-owned clean energy company, and the Crown Estate have entered into partnership, which could facilitate up to 20-30 GW of new offshore wind developments reaching seabed lease stage by 2030.
Great British Energy (GB Energy) Bill, to be introduced on July 25, will introduce a company owned by UK government, and backed by $10.7 billion (£8.3 billion) of new catalyzing investment over the current. Parliament
The first major partnership announced for GB Energy is that with the Crown Estate which has the potential to leverage up to $77.5 billion (£60 billion) of private investment into the UK’s drive for energy independence.
The partnership will boost Britain’s energy independence by investing in homegrown power, and with accompanying reforms to policy, cut the time it takes to get offshore wind projects operating and delivering power to homes by up to half.
Also, the partnership will see the public sector taking on a new role undertaking additional early development work for offshore wind projects.
This will ensure that future offshore wind development has lower risk for developers, enabling projects to build out faster after leasing and crowding in private sector investment. It will also help boost new technologies such as carbon capture and storage, hydrogen, wave and tidal energy, according to the UK government.
“This innovative partnership between Great British Energy and the Crown Estate is an important step toward our mission for clean energy by 2030, and bringing down energy bills for good.
“This agreement will drive up to £60 billion in investment into the sector, turbocharging our country toward energy security, the next generation of skilled jobs, and lowering bills for families and business,” said Prime Minister Keir Starmer.
GB Energy will have five key functions to boost project development, project investment, local power plan, supply chains, and to explore how it could work together with Great British Nuclear.