Offshore Wind Investment Organisation announced by Government
UK Business and Energy Minister, Michael Fallon has announced the creation of an Offshore Wind Investment Organisation (OWIO) to boost levels of inward investment and to further stimulate jobs in the UK offshore wind industry.
This is alongside Government support for three offshore wind innovation projects.
Commenting on the announcement, Michael Fallon said: “Offshore wind is a major success story for the UK, and we want to boost levels of inward investment. 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.
“Through the formation of this industry led partnership and through our support for innovation projects, we will boost the positive benefits that the offshore wind sector can bring to the UK economy.”
The OWIO is one of the recommendations of the forthcoming industrial strategy and will be headed by a senior industry figure. The organisation will be a partnership between industry and Government, established by UK Trade & Investment, that will complement the work of DECC and BIS in delivering the Government wide offshore investment objectives.
The Offshore Wind Industrial Strategy is being developed in a partnership between the Government and industry. It is a long term vision to help bring companies to the UK, build the competitiveness of the UK supply chain, create jobs, improve skills and boost the economy, as well as delivering a vital contribution to the energy mix. It will be published later this year.
The industrial strategy is a long term partnership, setting out an approach which looks decades into the future to how Government supports business and recognises investment lead times. It is intended to build confidence to invest, grow and create jobs.
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