Labour hopes the first deal with Great British Energy will lead to as much as £60bn of private investment into the country, as well as cheaper energy bills.
The government is teaming up with the Crown Estate to roll out new offshore wind farm developments as part of its Great British Energy plan. The partnership is hoping to see up to 30 gigawatts of new offshore wind developments being leased by 2030 - enough to power almost 20 million homes. The government claims it could leverage up to £60bn of private investment into the country's energy infrastructure as a result.
1bn in profit last year, the majority of which came from leasing land to offshore wind providers, and most of the money goes back into the government's coffers, bar a small portion which goes to the monarchy itself. In another bill being introduced on Thursday, the Crown Estate will also be given new borrowing powers so it can invest more into wind projects.
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