City freeport to share cash from offshore wind scheme

PLYMOUTH and South Devon Freeport is among those set to receive a share of the cash from offshore wind development.

- ANNETTE BELCHER

Businesses in the South West are among 13 who will get a share of nearly £5m, the initial round of The Crown Estate's £50m Supply Chain Accelerator fund.

The funding will help kick start projects aimed at accelerating and de-risking the early-stage development of supply chain projects that service the offshore wind sector in the region. The Crown Estate's match funding will contribute to a combined development investment of over £9 million which, if the opportunities successfully conclude development stages, could lead to over £400 million of capital investment.

Projects receiving funding include those enabling floating wind platforms, anchoring and mooring systems, operations and maintenance facilities, test facilities, and those supporting the skills transition. In early 2024, The Crown Estate published the Celtic Sea Blueprint which predicted that 5,300 jobs and a £1.4bn economic boost could be generated through deploying the first floating offshore wind capacity, resulting from the current Leasing Round 5 process, in the waters off South Wales and South-West England.