GB Energy to Partner with Crown Estate to Lure Investors in Clean Power

The UK’s drive for energy independence received a fillip with Prime Minister Kier Starmer and Energy Security and Net Zero Secretary Ed Miliband announcing the first major partnership between Great British Energy (GB Energy) and The Crown Estate to unleash billions of investment to the tune of $77.22 billion in clean power.

GB Energy will be at the heart of the government’s mission to make Britain a clean energy superpower. The company will be owned by the British people, for the British people, backed with $10.68 billion of new money to own and invest in clean power projects in regions across the UK. 

The decision came soon after Miliband scrapped the ban on onshore wind and unblocked the production of cheap solar energy. The latest announcement is yet more evidence of the Energy Secretary rolling up his sleeves to deliver clean energy and kick-start economic growth, so that British bill payers and communities reap the benefits of clean, secure, home-grown energy.

GB Energy’s first major partnership will be between two national institutions for the benefit of the British people. The Crown Estate, which has a $20.59 billion portfolio of land and seabed, operates independently and returns its profits to the government, brings long-established expertise to the partnership, and new investment and borrowing powers recently announced by government. GB Energy will bring the critical strategic industrial policy that the state can provide, as well as its own ability to invest.

The Crown Estate estimates this partnership will lead to up to 20 GW-30 GW of new offshore wind developments reaching seabed lease stage by 2030, enough power for the equivalent of almost 20 million homes.

The partnership will boost Britain’s energy independence by investing in home-grown power, and with accompanying reforms to policy, cut the time it takes to get offshore wind projects operating and delivering power to homes by up to half. 

This partnership will see the public sector taking on a new role undertaking additional early development work for offshore wind projects. This will ensure that future offshore wind development has lower risk for developers, enabling projects to build out faster after leasing and crowding in private sector investment.

GB Energy’s Role

Starmer confirmed that GB Energy will be headquartered in Scotland and will back energy generation projects in the UK, bringing profits back to the British people. The Government is in discussions with the Scottish Government and Crown Estate Scotland on how Great British Energy could help to support new development and investment within Scotland.

Keir Starmer said that his government was laser focused on delivering change, to make people better off. This innovative partnership is an important step toward the UK’s mission for clean energy by 2030, and bringing down energy bills for good.

Miliband said that GB Energy comes from a simple idea that the British people should own and benefit from our natural resources. Investing in clean power is the route to end the UK’s energy insecurity, and GB Energy will be essential in this mission. 

Crown Estate Chief Executive Dan Labbad said that his company was committed to serve the national interest, including stewarding our natural resources to deliver a decarbonised, energy secure and sustainable future.