August 7 - The UK government and business have come together to publish a long-term plan that aims to strengthen the UK's position in the offshore wind industry - The Offshore Wind Industrial Strategy.
The multi-million pound investment has the potential to unlock GBP7 billion (USD10.74 billion) in the economy by 2020, says the UK government.
Investments by the government will include GBP20 million (USD30.67 million) from the Regional Growth Fund to improve the UK wind industry's supply chain. GBP46 million (USD72.08 million) has been earmarked to join-up innovation between industry, government and academia and to help companies to bring new products to market.
Also on the horizon is a new Offshore Investment Organisation, established by UK Trade and Investment, tasked with attracting foreign direct investment to the UK.
Developers of offshore wind farms above a certain size will need to produce a supply chain plan before they can apply for a Contract for Difference - long-term contracts to provide stable revenues for investors in low carbon energy projects - setting out how the project and procurement approaches will encourage a wider, more diverse supply chain and support innovation and skills.
The Green Investment Bank will also invest a significant proportion of its GBP3.8 billion (USD5.83 billion) budget in offshore wind and associated industry partners.
Deputy Prime Minister Nick Clegg said: "The race is now on to lead the world in clean, green energy. As an island nation, and with our weather, the UK is ideally placed to make the most of offshore wind energy - you could say it was a technology designed for us.
"This strategy will help keep Britain as the world leader in one of the most important industries of the 21st Century. If we make the most of offshore wind's potential in the UK, it can provide a big proportion of the energy that lights our homes and powers our economy."
