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In order to deliver the offshore wind capacity needed to support our energy security and net zero goals, the UK needs to develop and invest to build a thriving domestic supply chain for offshore wind.
The Crown Estate have established a £50million Supply Chain Accelerator fund to help catalyse UK supply chain capacity and capability for offshore wind.
First funding round
The Crown Estate has launched an initial £10million first round of funding that will be specifically aimed at UK projects that could support floating offshore wind in the Celtic Sea.
The application process opens formally in mid-June and closes at the end of July. Successful projects will be announced from October 2024 following assessment of applications, negotiation of funding agreements and necessary approvals.
The Accelerator will provide matched funding of up to £1m per project to UK supply chain projects to help them undertake the early-stage development works necessary to get them “investment-ready”. They will also be asking for an option to participate in the capital investment phase of projects that are taken forward.
A further £40million has been earmarked for further funding rounds aligned to the Industrial Growth Plan, which sets out how to triple offshore wind manufacturing capacity over the next 10 years.
Who can apply?
- Applicants to the Accelerator must have a UK presence and be registered in the UK, as funding will be deposited into a UK business bank account.
- In cases of consortiums, a lead applicant must be identified.
- Charitable trusts are eligible and will undergo the same assessment process.
- Applicants can only apply once to each funding round of the Supply Chain Accelerator.
What is the timetable for the first funding round of the Accelerator?
- The Accelerator will be open to applications from Monday 17 June, 2024.
- The deadline to submit applications is Tuesday 30 July, 2024.
- Applicants will be able to manage and track applications via a dedicated portal.
- Applications will be reviewed and assessed from Wednesday 31 July, 2024 onwards.
- Additional information may be requested throughout the application assessment process.
- The application assessment process is expected to conclude by 31 October, 2024.
- Successful applicants will be invited to enter discussions with us with a view to funding agreements being put in place by the end of 2024 (subject to necessary approvals).
What are The Crown Estate looking to fund?
In the first £10 million funding round they are looking for UK supply chain projects with the objective of building facilities which could support the deployment of floating offshore wind farms in the Celtic Sea resulting from Offshore Wind Leasing Round 5, and as identified within the Celtic Sea Blueprint.
The Celtic Sea Blueprint provides a full assessment of the minimum requirements for products and services necessary to deliver 4.5 GW of floating wind, noting this is just the beginning in the region, and nationally. This includes anchoring and mooring systems, floating platforms, dynamic cables and connectors, wet storage, operations and maintenance, logistics, and skills transition.
Project applications must support a new activity or expansion of existing activity such as: manufacturing, assembly, testing, logistics or training and development. Eligible projects could include factories, manufacturing plants, test facilities, storage and distribution centres by way of example.
For all applications they will be looking for a commercial business case to support a reasonable return on investment.
The Accelerator will provide funding during the development phase for eligible costs to help get these projects “investment ready”. This covers development activities like market research, business planning, site selection, surveys, feasibility studies, and planning applications.
Projects related to intellectual property, skill programmes, vessel manufacturing, or operational port infrastructure won't be funded. However, The Crown Estate are open to investing in development work for facilities that could host these capabilities and have a supporting business case.
Who can I talk to if I have questions?
If you have a question, please email accelerator@thecrownestate.co.uk and a member of the team will be in touch.
A series of webinars ar being held for potential applicants and interested parties to gather further information on the Accelerator. These will take place on the following dates:
- Wednesday 29 May, 1pm-2pm
- Thursday 30 May, 2pm-3pm
- Monday 3 June, 1pm-2pm
- Thursday 6 June, 2pm-3pm
- Tuesday 25 June, 9am-10am.
If you are interested in attending one of our webinars, please email accelerator@thecrownestate.co.uk with your preferred session(s).