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A £100 million fund has been launched to help businesses in the UK increase investment in offshore wind farms. 

The Offshore Wind Industry Council, which is a joint body created by the government and the industry, says the fund will help “maximise opportunities” for hundreds of companies in the supply chain. The OWIC will invest in private funds over 10 years.

Benj Sykes, chairman of the OWIC and UK country manager for the Danish firm Orsted, said: “The Offshore Wind Growth Partnership will provide practical help for UK companies so they can compete successfully for contracts in this thriving global market.”

With the UK’s offshore wind farm industry forecast to be worth £30 billion a year by 2030, and the government’s legally binding pledge to emit zero gas emissions by 2050, the OWIC is planning to boost participation among UK businesses from 48% to over 60%.

Energy and clean growth minister, Chris Skidmore, said: “[The fund will add] investment, thousands of high-quality jobs and huge economic opportunities for communities across the UK.”