Britain grabs £8.7 billion of European offshore wind investment – but Brexit will make it harder in future

Offshore wind energy needs Euro-billion investmentThe UK has grabbed the lion’s share of European investment in the first half of this year.

According to a report – due to be published in full later today by Wind Europe – UK projects reaching Final Investment Decision were worth £8.7 billion out of a total in Europe of £11.74 billion.

This means that three-quarters of all Europe’s investment in offshore wind is flowing through the UK. 

The Brussels-based trade association did not disclose how much of this investment is destined for Scotland. But last night a spokesman for Wind Europe added:

“However, the UK market will get harder now – British Independence from the EU will impact on policy.

“The prospect of Brexit and the political and policy uncertainty it brings, not least during what may be up to three years of negotiating a new UK-EU relationship, will cast a shadow over UK investments.

“This is likely to raise the cost of capital and impact on project costs. The UK Parliament has said a +2% risk premium would increase the cost of financing offshore wind by £3 billion a year.”

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