Member Article

£400m investment in North East offshore renewables sector

The North East has taken another step forward in its bid to become a global hub for the offshore energy sector, thanks to an investment of £400 million.

The money was donated by 19 of the regions energy firms, who have now come together for form Energy Coast, North East England’s Renewables Group. The Group will now work to promote the region’s expertise in this area, in the hope of securing a significant proportion of the £1 billion global market.

The companies in the Energi Coast group currently have a combined turnover of £200 million, but hope to double this figure as the market continues to expand.

The geographic location of the North East lends itself well to the industry, allowing the technology driven supply chain the ability to service a significant proportion of the UK Round 3 offshore wind development zones.

Alex Dawson, Chairman of Energi Coast and CEO of TAG Energy Solutions, said: “North East England has the potential to become a global hub for the offshore renewables industry. It is a unique region in terms of geography, experience, infrastructure and technical capabilities.

“North East England’s innovative and successful integrated supply chain is technologically-driven and has excellent credentials for delivering large scale projects across the energy sectors.

The regions supply chain is now set to become a serious player in the global market, and the formation of Energi Coast will continue to highlight the benefits of investing in the North East as a centre for excellence in this field.

George Rafferty, Chief Executive of NOF Energy, said: “The region is home to a collection of extremely innovative and successful companies that have blazed a trail for the North East supply chain in the oil & gas sector and are already expanding their expertise into offshore renewables.

“As green energy resources become an established part of the required balanced energy mix, North East England companies have the capabilities to secure a significant proportion of the market, both domestically and globally.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .