Investors are showing increasing interest in renewable offshore wind farm business investments following Boris Johnson’s high-profile commitment to renewables on October 6, 2020.
UK Commitment to Offshore Wind Farms
Speaking at the Tory Party Conference, the Prime Minister confirmed a budget of £160mn for the factories that build the turbines needed to help Britain “build back greener.” The UK is expected to become the Saudi Arabia of the renewables sector, and floating wind farms are just one of the tools that will be used to ensure success.
Hywind wind farm, located near the Peterhead coastline, was one of the first floating wind farms in the world, and its success has led to increased confidence in the sector. The turbines used in Hywind are floating and, as such, do not impact the landscape, making them difficult to spot once they’re out at sea.
Backbone of the UK’s Carbon Neutral Strategy
The UK government’s plan to increase wind power capacity by 2030 is its most ambitious industrial plan since the run for oil in the 1980s. To meet this target, a new turbine will have to be fitted every day for the next ten years, requiring a £50bn investment. The increased investment in wind power will create at least 2,000 construction jobs and support more than 60,000 jobs across the wind turbine manufacturing sector.
Investors have already seen the benefits of the wind farming sector, with falling costs and high returns making it an attractive option. The increased support from the UK government can only help the sector grow even more.