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Offshore Wind Net Zero Investment Roadmap March 2023 Leading the way to net zero 2 Offshore Wind Net Zero Investment Roadmap: Leading the way to net zero ■ Offshore wind is an established and proven part of the UK energy mix and is set to become even more important in the future. It will play a key role in decarbonising our power system by 2035 and helping the UK achieve net zero by 2050. ■ With the highest deployment in Europe, we have proved that offshore wind can be delivered at ever increasing scale whilst decreasing the costs to consumers. ■ The UK has a world-leading ambition to deploy up to 50GW by 2030, with up to 5GW coming from floating offshore wind. ■ Investors from all over the world are already benefitting from the certainty that the UK offshore wind market offers. Our long-term ambitions mean significant, new investment opportunities for private capital in windfarms, transmission infrastructure, port infrastructure, new manufacturing, and services. Access to cheap, abundant and reliable energy provides the foundation for a thriving economy with our homes and businesses relying on it to deliver our future prosperity. Already home to the 1st, 2nd, 3rd and 4th largest operational offshore wind farm projects in the world, we are cementing our position as amongst the most attractive places in the world for investing in offshore wind. The UK is leading the charge towards a net zero, nature- positive future Rt Hon Grant Shapps MP – Secretary of State for Department for Energy Security and Net Zero ■ Open, liberal economy ■ Stable regulatory regime with independent legal system ■ Globally competitive and transparent tax regime ■ Generous R 6 Workforce trends (2022); 7 UK Innovation Strategy (2021) The UK has one of the world’s most attractive business and investment environments 3 Offshore Wind Net Zero Investment Roadmap: Leading the way to net zero £22bn committed to raise R *£50 billion includes inward and outward investment Offshore Wind Net Zero Investment Roadmap: Leading the way to net zero Manufacturing supply chain investment 15 Offshore Wind Investment Opportunities ■ Inter-array and export power cable ■ Towers ■ Monopile foundations ■ Transition pieces ■ Transformers ■ Blades ■ Nacelles ■ Specialist offshore logistics and installation vessels ■ Tier two plus supply chain manufacturing Floating Offshore Wind Investment Opportunities ■ Floating substructure assembly and manufacturing ■ Mooring and anchoring systems ■ Dynamic inter-array power cables ■ Specialist floating operations and maintenance vessels See more on high-potential opportunities for manufacturing investment Examples of projects: SeAH Wind South Korea’s SeAH Wind have announced their investment of over £400 million into a XXL monopile foundation manufacturing facility in Teesside. This will be one of the world’s largest monopile manufacturing facilities with the potential to supply circa 150 monopiles annually and create up to 800 jobs by 2030. Details here JDR Cable Systems JDR Cable Systems are investing £130 million in a world- class high voltage submarine cable manufacturing facility, which will be fully operational by 2024. The project will create 170 jobs in Blyth, as well as safeguarding a further 270 jobs at JDR’s existing facility in Hartlepool. Details here Siemens Gamesa Renewable Energy Siemens Gamesa Renewable Energy have invested £186 million to expand their blade manufacturing facility in Hull to enable the manufacturing of the next generation of wind turbine blades. The project will create and safeguard around 1080 jobs. Details here Offshore Wind Net Zero Investment Roadmap: Leading the way to net zero Enabling infrastructure investment 16 Investment opportunities: ■ Portside infrastructure to support the manufacturing, installation, operation and maintenance of fixed foundation offshore wind turbines. ■ Large-scale, deepwater ports for the fabrication, assembly, storage and deployment of floating offshore wind turbines. ■ Operations and maintenance bases and related infrastructure. ■ High voltage power cable manufacturing for interconnection. ■ Future Offshore Transmission Owner (OFTO) Tender Rounds to bid for newly built and commissioned OFTO assets, which connect an offshore wind farm to the UK onshore transmission system. See more on high-potential opportunities for infrastructure investment Examples of projects: Teesworks Teesworks is constructing a large-scale site for manufacturing infrastructure. The site is more than 200ha in size with phase 1 delivering a quay that is over 450m in length. The site has already secured manufacturing investment from SeAH Wind which will build its new monopile factory at the site. Details here Operations tax and incentives; regulatory and business planning; staff recruitment, retention and training; and immigration. Office for Investment (OFI) OfI is a joint DBT and No.10 team that provides a single front door to Government for high-value and high- impact investors, facilitating with access and insights through a concierge offer. The OfI works across departments to drive increased investment in line with the Government’s net zero agenda. Find a UK specialist The UK Investment Support Directory allows you to find companies with skills and experience in helping overseas businesses set up or expand in the UK. Links to key organisations In addition to centres of excellence and industry clusters, we will facilitate introductions to universities, Local Enterprise Partnerships (LEPS) and Enterprise Zones. Economic development agencies There are a number of organisations with significant experience in delivering public sector investment packages. For example, Scottish National Investment Bank is a mission-led development bank that provides patient capital to build a stronger, fairer, more sustainable Scotland. Support moving a tech business The Global Entrepreneur Programme (GEP) helps high-growth overseas companies relocate to the UK. The UK s commitment to support global investment is unparalleled The Department for Business and Trade (DBT) DBT supports businesses to invest, grow and export, creating jobs and opportunities across the country. UK Export Finance (UKEF) The UK’s export credit agency, has enhanced its support to attract investment into supply chains and building export capability. UK infrastructure Bank (UKIB) The UKIB can invest across the capital structure (senior debt, mezzanine, first loss, debt guarantees and equity) to help crowd private finance into net zero infrastructure. The Bank has identified CCUS as an investment opportunity, and projects are encouraged to contact UKIB about their financing needs Offshore Wind Net Zero Investment Roadmap: Leading the way to net zero 21 Offshore Wind Net Zero Investment Roadmap: Leading the way to net zero Appendix A – Notes and definitions (for slide 14) Investment needs are defined as the total sum of capital contributions required to deliver the necessary projects to achieve the deployment pathways shown in the Net Zero Growth Plan. The £50 billion quoted is from the low electrification scenario from The Department for Energy Security & Net Zero’s Dynamic Dispatch Model (DDM). The estimate of offshore wind capital expenditure is based on data from the Electricity Generation Costs Report and applied to the low electrification deployment trajectories. Figures are undiscounted, non-annualised and are in 2021 real terms rounded to the nearest £10 billion. Figures include imports where inputs are purchased from overseas. Only capital expenditure associated with the construction of offshore wind turbines have been included. This means that capital expenditure associated with the offshore transmission infrastructure has not been included in this estimate. Inclusion of capital expenditure on transmission infrastructure would increase the number provided in slide 14. Data from the ORE Catapult guide to an offshore wind farm indicates that this could lead to an increase of up to 30%, however, to ensure consistency of source data and underlying assumptions this approximation has been omitted from slide 14. The costs associated with operational expenditure, decommissioning, development costs or any associated investment in supply chains and infrastructure which is required to deliver the assumed deployment pathway are also excluded. This provides an estimate of how much capital spend could be required to construct offshore windfarms in the UK by 2030. It is framed as ‘at least’ as it is based on the low electrification scenarios and excludes transmission capital expenditure which could increase this estimate. great.gov.uk Published Disclaimer The Department for Energy Security and Net Zero is the department for delivering security of energy supply, ensuring properly functioning markets, greater energy efficiency and seizing the opportunities of net zero to lead the world in new green industries. The Department for Business and Trade is the department for economic growth. We support businesses to invest, grow and export, creating jobs and opportunities across the country. Legal disclaimer Whereas every effort has been made to ensure that the information in this document is accurate, the Department for Business and Trade and Department for Energy Security and Net Zero do not accept liability for any errors, omissions or misleading statements, and no warranty is given, or responsibility accepted as to the standing of any individual, firm, company or other organisation mentioned. © Crown copyright 2023 You may re-use this publication (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit nationalarchives.gov.uk/ doc/open-government- licence/version/3 Where we have identified any third-party copyright information in the material that you wish to use, you will need to obtain permission from the copyright holder(s) concerned. Published by Department for Energy Security and Net Zero and Department for Business and Trade 31 March 2023 March 2023