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UK wind industry requires more financing

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There needs to be significantly more government investment in onshore and offshore wind power projects if the UK government is to reach its renewable energy targets, it has been warnedAccording to the British Wind Energy Association (BWEA), wind is

becoming increasingly used as a source of power generation, but many

schemes are still in the planning stage.

A spokesperson for the

trade body, which represents companies working in wind and marine

renewables, suggested that many new products, services and solutions

are being developed by engineers on the assumption that these wind

farms will be approved.

However, he argued that the government,

in particular, will need to put up more finance if the industry is to

grow from 3GW of onshore power today to the required 14GW by 2020.

“All

investment in windfarms so far has been from private capital; there has

been no government investment involving windfarms, it is not subsidised

in any way,” the BWEA representative said.

“What we need to understand is there is an appetite there amongst industry and private investors to deploy more wind energy.”

While

industrial and commercial ventures may have taken the lead in wind

energy investment, the government has pledged to provide more support

to the development of renewables.

Among the policy initiatives

announced in chancellor Alistair Darling’s 2009 Budget was £525 million

of support for offshore wind schemes over the next two years.

In

April, the BWEA estimated that there are £10 billion of “shovel ready”

wind energy schemes that are being held up due to a lack of funding.

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