OWGP launch the Industrial Growth Fund

The Offshore Wind Growth Partnership (OWGP) has launched its most ambitious programme to date, offering funding from £300,000 to £25 million per supply chain project, to support investment priorities set out in the Industrial Growth Plan. Funding for this programme comes from Offshore Wind Industry Council (OWIC) developer members through their Industrial Growth Fund.

The Industrial Growth Fund (IGF) is designed to accelerate capital investment in domestic manufacturing of key components, systems and services into the offshore wind sector.

Since 2019, funding from OWIC, an industry government coalition, has supported over 387 high-impact projects that have strengthened the capacity and capability of the UK offshore wind supply chain. The Industrial Growth Fund represents a new, larger phase of funding, as set out in the 2024 Industrial Growth Plan (IGP), and will support organisations looking to expand or build new facilities. The IGP priorities the funding will support include manufacturing turbine blades, cables and foundations, as well as cutting edge technology in environmental services and O&M.

With OWGP now leading the execution of the Industrial Growth Plan with continued funding from OWIC, the offshore wind industry is delivering a new, strategic approach to supporting supply chain growth aligned to the IGP and the Government’s Industrial Strategy.

Under the Contracts for Difference (CfD) Allocation Round 7 Clean Industry Bonus framework, generators participating in AR7 may nominate OWGP, to deliver a portion of their CIB minimum standard commitments. Supply chain projects that meet the CIB criteria as well as those that do not are eligible to apply.

Tim Pick, Chair of the Offshore Wind Growth Partnership and Commissioner of the Clean Power 2030 Advisory Commission, commented:

“I am delighted that we have today launched our first funding call based on OWIC’s Industrial Growth Fund. This represents a step change in the level of funding being deployed by OWGP, as part of our role delivering the Industrial Growth Plan.”

OWGP officially assumed the role of IGP Delivery Body in June of this year strengthening its existing mission to accelerate the development of the offshore wind supply chain. As such, OWGP acts as a coordinating mechanism for the Plan’s execution, facilitating alignment across industry, government and other stakeholders, and ensuring that investments are both impactful and consistent with industrial strategy.

The Industrial Growth Fund is the first step in directing those investments into the right areas of the supply chain to ensure maximum benefit for the sector and wider UK economy.

OWGP Programme Director, Anil Sayhan, remarked:

“The Industrial Growth Fund marks a major step in delivering the ambitions of the Offshore Wind Industrial Growth Plan.

“Achieving IGP targets requires strategic domestic investment to expand existing facilities and establish new ones capable of producing critical components.

“Through this funding initiative, OWGP is helping UK companies make the capital investments needed to grow home-grown supply, strengthen supply chain resilience, create high-value jobs, and position the UK at the forefront of offshore wind technology.”

Jane Cooper, Deputy CEO of RenewableUK and OWGP Board Member, said:

“The launch of the first round of the Industrial Growth Fund is a landmark moment for the UK’s world-leading offshore wind industry. It will support the creation of vibrant, innovative new supply chains all over the country, building on the hundreds of companies already thriving here which serve our sector. It will ensure that communities throughout the UK feel the tangible benefits of industrial regeneration in areas which need new opportunities.

The Industry Co-Chair of the Offshore Wind Industry Council and UK Country Manager of Ocean Winds, Adam Morrison, added:

“Our Industrial Growth Plan identifies high-value components to focus on, such as designing and manufacturing turbine towers, blades, foundations and cables, as well as providing services constructing and operating offshore wind farms. The measures set out in our Growth Plan will enable us to create 10,000 extra supply chain jobs, tripling our current manufacturing capacity and boosting the UK’s economy by a further £25 billion between now and 2035”.

For more information or to apply, visit the OWGP Industrial Growth Fund page.