In a major win for both clean energy and local communities, the Crown Estate has just awarded prime real estate off the coast of England and Wales to two massive new floating wind projects, Reuters reported.
Energy companies Equinor and Gwynt Glas — a joint venture between EDF Renewables U.K. and Ireland's ESB — were granted seabed leases in the Celtic Sea, paving the way for two 1.5-gigawatt offshore wind farms. While the projects are still in the early stages, Reuters reported, this marks a significant step forward in the U.K.'s clean energy push, and the economic benefits are already clear.
Floating wind farms differ from traditional offshore turbines because they can be installed in deeper waters, where winds are stronger and more consistent. That means more power, more jobs, and more energy security for the U.K.
"Floating offshore wind will be transformative for economic growth in Wales and the South West, unlocking thousands of jobs in places like Port Talbot and Bristol, bolstering our energy security and delivering industrial renewal," said U.K. Secretary of State for Energy Security and Net Zero Ed Miliband, per Reuters.
The projects are expected to generate thousands of new jobs across coastal hubs like Port Talbot and Bristol — a big win for local economies looking to reinvent themselves for a cleaner future.
According to Reuters, each company will pay about £525,000 a year, or roughly $665,000, for the site's leases over the next decade, with power production anticipated to begin in the early 2030s after the permitting and review processes conclude.
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The timing couldn't be better. According to Offshore WIND, the U.K. is aiming to grow its offshore wind capacity from 16 gigawatts today to as much as 50 gigawatts by 2030, as part of a larger effort to cut ties with fossil fuels and reduce harmful air pollution.
Floating wind is expected to play a key role in reaching that goal. "With the areas' deeper waters, we believe there is future potential for floating wind to play a role in unlocking the U.K.'s journey towards net zero," said Melissa Read, Equinor's Head of Regional Development U.K., per Reuters.
Last year, wind was Britain's largest source of electricity, providing around 30% of the country's power, Reuters reported. And with investments like these, the clean energy economy is proving to be more than just environmentally smart: it's economically savvy, too.
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