NWF supports delivery of Great Yarmouth offshore wind hub through Norfolk County Council loan

NWF's financing will fund the delivery of the hub, including 240 metres of river quay refurbishment and upgrade, a new Pontoon designed specifically for offshore wind Crew Transfer Vessels, and upgrading shore infrastructure and utilities connections. Norfolk County Council, in partnership with Great Yarmouth Borough Council and the Ministry for Housing, Communities and Local Government, is leading on the delivery of this £28m project with construction already underway.

The offshore energy sector presents one of the most significant economic opportunities for Great Yarmouth and Norfolk, and in regenerating industrial land near the town's port into a state-of-the-art facility, the region is positioning itself to capitalise on this growth.

An estimated 650 new jobs will result from the project which will also help catalyse and further develop Great Yarmouth's strategic position in the UK offshore wind supply chain. RWE also recently confirmed it would base the operations and maintenance facility for the windfarms that make up the Norfolk Offshore Wind Zone in Great Yarmouth. The trio of windfarms are located 50 to 80km off the Norfolk coast, each with a planned capacity of 1.4 gigawatts, which will power more than four million homes across the UK.

The O&M Campus aligns with the ambitions of the Government's Modern Industrial Strategy which aims to quadruple offshore wind capacity by 2030, with significant investment needed in port infrastructure, manufacturing capabilities, grid improvements and supply chain development to fully realise this potential.

The NWF has an important role to play in delivering this critical infrastructure, with ports one of the five priority subsectors highlighted by the Chancellor for the fund to deploy its additional £5.8bn capital.

Chancellor of the Exchequer, Rachel Reeves, said: "We are investing in Britain's renewal, and this National Wealth Fund loan will create 650 jobs and power four million homes by clean energy. It's just one of billions of pounds worth of investments being announced today at our Regional Investment Summit, reversing decades of underinvestment and decline, slashing red tape to open up opportunities for businesses and kickstarting economic growth in every corner of the UK."

Lorna Pimlott, National Wealth Fund Managing Director, Local Authority Function, said: "Great Yarmouth's new operations and maintenance centre will be crucial to supporting the growth of the offshore wind industry in Norfolk. NWF's loan will provide the Council with the low-cost financing it needs to deliver the necessary refurbishments and upgrades to the site, supporting local jobs and cementing Great Yarmouth's strategic position in the UK offshore wind supply chain."

Cllr Graham Plant, Cabinet Member for Highways, Infrastructure & Transport at Norfolk County Council, said: "The backing of the Government's National Wealth Fund for this pivotal infrastructure project is a massive vote of confidence in Great Yarmouth and for the wider eastern region. The O&M Campus will deliver employment for people in the area and promote the town as a place to invest and one that has a critical role to play in the economic prosperity of the country."