Great British Energy is one step closer to delivering public investment in clean energy, as legislation to establish the new publicly-owned energy company passes through Parliament.
The company, backed by £8.3 billion, will invest in strategic clean power projects across the UK.
It aims to accelerate the rollout of technologies such as floating offshore wind and rooftop solar while supporting the growth of domestic supply chains.
Initial funding has already begun to flow.
A £200 million pot is being used to support renewable energy for public buildings including hospitals, schools and community projects.
In April, NHS Humber Health Partnership received £8.5 million to install solar power, expected to cut energy bills by £14.2 million over the lifetime of the systems.
Scotland’s community energy fund has also opened, backed by £4 million to support local clean energy projects like small-scale wind and hydro. In Wales, nearly £3 million has been allocated for similar local schemes.
A further £300 million has been earmarked for offshore wind supply chain development, targeting manufacturing of components like floating platforms and cables.
The Energy Secretary is due to set out Great British Energy’s strategic investment priorities in the coming weeks, including which technologies it will prioritise and how it will deliver wider public benefit.
The Great British Energy Bill has received legislative consent from all devolved governments, allowing the new body to operate across the UK.
