Could Mega Projects be part of the answer to unleashing major economic benefit from offshore wind?

This is the question ORE Catapult is asking in our ‘Mega Project (15GW) Cost Reduction’ report.

Mega Projects are large-scale projects that would bring together multiple players to achieve one main goal to further the development of offshore wind. They have proved successful in other industries, and we believe they could be transformative to the offshore wind sector.

In addition to the UK Government’s annual Contracts for Difference scheme, Mega Projects would include a separate allocation round every 3-5 years, targeting delivery of 15GW of offshore wind within specific geographic areas.

Potential benefits include:

⚡ Creation of up to 10,000 extra jobs (a 6% increase compared to not pursuing Mega Projects)

⚡ Generation of £16.6bn Gross Value Add (GVA) (an 11% increase in the UK and support for future manufacturing jobs)

⚡ Reduction in total project cost by 15% (£10.8 billion) over a 25-year period