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Britain to invest $71 million in Scottish port for offshore wind expansion
Published by Global Banking and Finance Review
Posted on March 5, 2025
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Published by Global Banking and Finance Review
Posted on March 5, 2025
LONDON (Reuters) - Britain will invest 55.7 million pounds ($71.45 million) in the Port of Cromarty Firth in Scotland to expand the facility to become a hub for floating offshore wind, the government said on Wednesday.
Britain has a target to largely decarbonise its electricity sector by 2030 which will require a huge ramp up in renewable power like offshore wind.
Using floating turbines, that are not fixed to the seabed like traditional wind farms, allows the projects to be much deeper out at sea, making them less visible to communities that might object and where wind speeds are likely to be stronger.
Currently technology costs for floating wind projects are higher than for fixed turbines while few ports have the capacity to host the huge structures.
"This initial financial backing from the UK government paves the way for the port to secure match-funding from other investors, with the port expected to become operational by the start of 2028," a statement from The Department for Energy Security and Net Zero said.
($1 = 0.7795 pounds)
(Reporting by Susanna Twidale, Editing by Louise Heavens)