OWIO, the Offshore Wind Investment Organisation, has been launched by Energy Minister Michael Fallon with the aim of boosting investment and job creation in the UK’s offshore wind sector. The organization will be headed by a “senior industry figure” and “will be an important part of our industrial strategy for the sector” Mr Fallon told delegates at the recent RenewableUK Offshore Wind 2013 conference in Manchester.
The government has also announced funding for three innovative projects under the Offshore Wind Components Technologies Scheme. Kent-based Power Cable Services has been awarded £540,000 towards the development of high voltage subsea cable joining technology; Aquasium Technology has received £769,000 for a cost-effective fabrication project and Wind Technologies will use £728,355 to design, manufacture and test a 5MW medium speed drive train.
“Offshore wind is a major success story for the UK, and we want to boost levels of inward investment” said Mr Fallon. “This will be an important part of our industrial strategy for the sector later this year, and we are creating the Offshore Wind Investment Organisation to drive that activity. We already have more installed offshore wind than anywhere else in the world, and this brings enormous economic benefit to our shores, supporting thousands of skilled jobs.”
The Department of Energy and Climate Change (DECC) believes that growth in UK offshore wind could support more than 30,000 full time jobs by 2020-21 and adding £7 billion to the British economy. The OWIO is one of the recommendations made under the government’s forthcoming industrial strategy, the aim of which is to promote government partnerships with industry and improve access to finance for business.
The creation of the OWIO has been warmly welcomed by RenewableUK following the trade body’s warning that the UK faces a “once in a generation” chance to attract investment into the country for development of the wind sector.
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