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    UK allocates funding to boost floating offshore wind capacity


    January 26, 2022 - MarketLine

     

      The UK Government has announced more than £31m ($41.7m) in funding to support the development of floating offshore wind projects in the country as it seeks to reduce its dependence on fossil fuels.

      The government allocation will be matched by an additional £30m investment from industry.

      A total of 11 successful projects will receive more than £60m in public and private investment to develop innovative floating offshore wind technologies.

      The government has already identified the 11 projects that will receive the funding under the Floating Offshore Wind Demonstration Programme.

      The funding will be used to support research and development activities in floating offshore wind and expedite the deployment of wind turbines in deep-sea areas, including in areas where winds are at their strongest.

      Areas of research will include how turbines are moored to the seabed, undersea cabling and developing foundation solutions.

      The government expects the funding to further strengthen the UK's energy security by deploying home-grown renewable technologies.

      Energy Minister Greg Hands said: "We are already a world leader in offshore wind and floating technology is key to unlocking the full potential of the seas around Britain.

      "These innovative projects will help us expand renewable energy further and faster across the UK and help to reduce our exposure volatile global gas prices."

      The initiative is expected to reduce the costs of developing and locating floating turbines in deep-water areas.

      It comes after the government announced £160m of funding last year to support the development of large-scale floating offshore wind ports and factories in the country.

      Part of Prime Minister Boris Johnson's Ten Point Plan for a 'green industrial revolution' aims to deliver 1GW of floating offshore wind energy by 2030.

      Announced in November 2020, the plan also includes targets to generate 5GW of low-carbon hydrogen energy by 2030 and install 600,000 heat pumps a year by 2028.

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