The new fund has £2m available for UK businesses looking to either build new manufacturing facilities or significantly expand existing facilities that make key components, equipment and/or systems required for the offshore wind sector. The Stage 1 application window is open now until Friday 20th September 2024.
The MFSP aims to increase UK offshore wind manufacturing capability and capacity by catalysing early-stage investment. Matched funding of up to £500,000 will be provided via a two-stage application process to help accelerate and de-risk the early stage (pre-investment) development activities required to unlock capital investment in facilities.
Funding is available for facilities that align with the priority focus areas and UK manufacturing opportunities identified in the recent Offshore Wind Industrial Growth Plan commissioned by the Offshore Wind Industry Council (OWIC) and RenewableUK, The Crown Estate and Crown Estate Scotland.
Iain Sinclair, Executive Director at Global Energy Group and Non-Executive Director for OWGP said: “This new programme will provide highly-focused support to innovative UK-based manufacturing companies with the necessary resources to develop new or additional production capacity geared towards providing locally-produced equipment and systems. Developing these resources is key to helping accelerate the deployment of offshore wind in the UK, helping us to reach our ambitious target of 60GW by 2030.
“The MFSP programme further advances our mission to improve productivity, increase business competitiveness, boost innovation, and support a globally competitive offshore wind supply chain in the UK.”
MFSP funding will be awarded on a competitive basis in the form of a grant. Successful proposals will demonstrate a long-term business plan that covers investment plans, forecast market share, revenue, profitability, employment and exports.
