Government sets up New Body to Promote Offshore Wind Investment

RenewableUK today warmly welcomed the announcement by Energy Minister Michael Fallon that the Government will be launching an Offshore Wind Investment Organisation, this summer, with the aim of increasing the levels of inward investment in the UK’s offshore wind sector. In addition to this and other announcements, Mr Fallon recognised the need for investors to have a stable, long-term policy framework for years to come and the importance of offshore wind to the future economy of the UK.

Mr Fallon made the announcement while speaking at RenewableUK’s annual offshore wind conference in Manchester, saying “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.”

Responding to the news RenewableUK Chief Executive Maria McCaffery said “This news is a welcome boost for British industry and restates the Government’s acknowledgement that offshore wind represents massive economic potential for the UK. The fact that this new organisation will coordinate Government’s work with business, via a leading industry figure, is important as it further cements the positive relationship between Government and industry, as we work together to build the investment climate we need to go forward.”

McCaffery continued “ I am pleased that this announcement is being made on the very same day as we launch our “Building an Industry” Report, which outlines both the scale of the opportunity offshore wind affords us, and the risk of missing out on creating manufacturing hubs in the UK if we don’t get the policy right.”

RenewableUK is the UK’s leading renewable energy trade association, specialising in onshore wind, offshore wind and wave & tidal energy. Formed in 1978, we have an established, large corporate membership ranging from small independent companies, to large international corporations and manufacturers. Acting as a central point of information and a united, representative voice for our membership, we conduct research; find solutions; organise events, facilitate business development, and promote wind and marine renewables to government, industry, the media and the public. Our vision is for renewable energy to play a leading role in powering the UK. – See more at: http://www.renewableuk.com/en/news/press-releases.cfm/2013-06-12-government-sets-up-new-body-to-promote-offshore-wind-investment#sthash.HK7rpkoH.dpuf

Source: RenewableUk

For more information on: RenewableUk