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March 11, 2021

UK announces $132m investment in offshore wind ports

The UK Government has announced the investment of $132m (£95m) in the construction of two offshore wind ports.

By Umesh Ellichipuram

The UK Government has announced the investment of $132m (£95m) in the construction of two offshore wind ports.

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The government has allocated $104m (£75m) to the Able Marine Energy Park on the south bank of the River Humber, and $27m (£20m) to the Teesworks Offshore Manufacturing Centre, located on the River Tees. The ports will then accommodate up to seven manufacturers.

GE Renewable Energy has been confirmed as the first offshore wind manufacturer to invest in the Teesside port.

The company will construct an offshore wind blade manufacturing factory at the site. This will account for 750 of the 3,000 jobs produced by the Teesside port. The government estimates these will support approximately 1,500 indirect jobs in the area.

Commencing production in 2023, the blade factory will supply the Dogger Bank wind farm, located off the North East coast.

UK Prime Minister Boris Johnson said: “During the industrial revolution over 200 years ago, wind powered the sails of ships from the Humber and Teesside trading goods around the world.

“Now the Humber and Teesside will put the wind in the sails of our new green industrial revolution, building the next generation of offshore wind turbines whilst creating 6,000 new green jobs in the process.

“Our multi-million-pound investment in these historic coastal communities is a major step towards producing the clean, cheap energy we need to power our homes and economy without damaging the environment.”

The UK Government intends the investment to create 6,000 jobs in the North of England. Construction works to upgrade the ports’ infrastructure will begin later this year.

The funding will come as part of an investment announced in October 2020. This $223m (£160m) investment from the UK government aims to upgrade port infrastructure and support manufacturing. This investment will also support the development of offshore wind projects.

Once complete, the ports will support the development of offshore wind projects up to a capacity of 9GW annually. Energy generation from these will power approximately eight million homes.

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Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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