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UK’s state-owned energy company to focus on offshore wind power

Ministers claim group’s partnership with Crown Estate will help leverage up to £60bn of private investment
A wind farm off the Lincolnshire coast: the Crown Estate includes the now lucrative stretch of the seabed that surrounds England, Wales and Northern Ireland

The UK’s fledgling state-owned energy company will work with the Crown Estate to support the development of offshore wind and other clean technology projects, which ministers claim will help leverage up to £60bn of private investment.

GB Energy, due to be set up in coming months under new legislation, will take steps to get projects off the ground, including by potentially taking a small stake to reduce private investors’ risk.

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