Great British Energy, the publicly owned clean energy investment company the Labour-led UK Government is creating, will work closely with the Crown Estate to roll out renewables.
Great British Energy, the publicly owned clean energy investment company the Labour-led UK Government is creating, will work closely with the Crown Estate to roll out renewables across its £16bn portfolio of land and seabed.
The government’s intention is to support GB Energy with £8.3bn of public money this Parliament and aim to unlock up to £60bn from other sources, mainly private investment. Labour pledged to strive for a decarbonised power grid by 2030, achieving this vision will require an unprecedented roll-out of renewable generation.
The Crown Estate estimates that the partnership will lead to between 20GW and 30GW of new offshore wind projects reaching the seabed leasing stage by the end of the decade. The body owns and leases much of the seabed to offshore wind developers.
Ed Miliband said: “Great British Energy comes from a simple idea – that the British people should own and benefit from our natural resources. Investing in clean power is the route to end the UK’s energy insecurity, and Great British Energy will be essential in this mission. The agreement with The Crown Estate will lead to more investment, cleaner power, more energy security, and is a statement of intent that it will be a permanent and transformative institution for our country.”
Find out more: gov.uk/government/publications/introducing-great-british-energy
