Crown Estate launches GBP-50m accelerator for offshore supply chain

The Crown Estate on Thursday announced the launch of a new GBP-50-million (USD 63.7m/EUR 58.7m) Supply Chain Accelerator fund, aimed at speeding up and de-risking the early-stage development of projects related to offshore wind.

The manager of the seabed around England, Wales and Northern Ireland opened an initial GBP 10 million funding round for expressions of interest, with the application process to open formally in mid-June and close at the end of July. Successful projects will be announced from October 2024.

The initial round is looking for UK projects that could foster the development of a new UK supply chain capability for floating offshore wind in the Celtic Sea.

According to a study, published by The Crown Estate earlier this year, 5,300 jobs and a GBP 1.4 billion economic boost could be delivered by deploying the floating wind farms that will result from the ongoing Leasing Round 5 process. Opportunities for supply chain development highlighted by the study include floating platform components; dynamic cables and connections; wet storage infrastructure and facilities; operations and management infrastructure and facilities; and skills transition facilities.

The first funding round of the Accelerator will be focused on projects specifically aimed at addressing these opportunities.

(GBP 1 = USD 1.274/EUR 1.174)

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