Latest news with #DanLabbad
ITV News
4 days ago
- Business
- ITV News
Billion pound investment in wind farms in Wales and South West England announced
Some of the largest floating offshore wind farms in the world are set to be built off the coasts of Wales and South West England. The UK Government has announced Port Talbot and the Port of Bristol will help deliver the new infrastructure which is hoped will generate 4.5 gigawatts of renewable energy, which is enough to power more than four million homes. The Crown Estate, which manages the seabed around England, Wales and Northern Ireland, will partner with Equinor and Gwynt Glas a joint venture between EDF Renewables UK and ESB. They say it will drive thousands of new jobs and bring in more than a billion pound investment to the UK economy. It's expected to be the first phase of a new industry in the Celtic Sea, with The Crown Estate identifying the potential for a further 4-10 gigawatts to be brought to market by the end of the decade. In a further boost to the UK's offshore wind industry, The Crown Estate has set out new details of its plans to invest up to £400 million of capital in the supply chain for projects across the country. The move builds on new investment powers conferred by the Crown Estate Act 2025, and is expected to see The Crown Estate working in partnership to invest in the construction of port and supply chain infrastructure that will support the delivery of offshore wind projects across the UK. The Crown Estate has said the preferred bidders are committed to ensuring that at least 3.5% of the workforce consists of apprenticeships and that a minimum of 10% of employees aged 19-24 are not currently in education, employment or training. Dan Labbad, Chief Executive of The Crown Estate, has said 'it's now 25 years since we first laid the foundations for a new market for offshore wind in the UK, creating the right conditions for a new technology to establish and grow into the world-leading industry we have today. 'The selection of EDF Renewables UK, ESB and Equinor to write the next chapter of this story in the Celtic Sea is an exciting reflection of how far we've come in that time, and a vote of confidence in this new technology and the long-term future of the UK market as a place to invest. 'The Crown Estate exists to create value for our country into the long term. Coupled with our investment of up to £400 million in the supply chain, the steps we have taken to establish floating offshore wind in the Celtic Sea mark a vital contribution to the UK's energy resilience and growth, and countless opportunities for communities and businesses alike.' The Energy Secretary Ed Miliband has said: 'Floating offshore wind will be transformative for economic growth in Wales and the South West, unlocking thousands of jobs in places like Port Talbot and Bristol, bolstering our energy security and delivering industrial renewal. "The Celtic Sea has huge untapped potential to support our mission to become clean energy superpower, so we can get energy bills down for good through our Plan for Change.' Meanwhile the Secretary of State for Wales Jo Stevens has said: 'this is a hugely significant moment for the clean energy industry in Wales and one which will have a positive impact for generations to come. 'Floating offshore wind will help deliver the transition to clean energy, bring down bills for households and help secure the UK's home-grown energy supply. 'Increased economic growth and thousands of new well-paid jobs will come from this huge vote of confidence in Wales' energy industry and its workforce.' Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: "The establishment of floating offshore wind in the Celtic Sea marks the start of a new industrial opportunity for Wales. "Over the last six months, we have been working through our Task and Finish Group to ensure Wales is in the best possible position to reap the rewards from the energy transition. "This is an exciting and important step in that journey, and we look forward to working with the industry, The Crown Estate and counterparts in Westminster to write the next chapter in this story."
Wales Online
4 days ago
- Business
- Wales Online
Huge Welsh floating windfarm with turbines as tall as London's The Shard takes massive step forward
Huge Welsh floating windfarm with turbines as tall as London's The Shard takes massive step forward The project is one of two in the Celtic Sea and is expected to create thousands of jobs in Port Talbot and Bristol where the giant turbines are hoped to be made Floating offshore wind is a fast growing industry enabling wind turbines to operate in deeper seas, where the winds are stronger such as the Celtic Sea off the South West and Wales The identity of successful bidders to build two huge floating offshore windfarms in the Celtic Sea has now been revealed The Crown Estate has confirmed the selection of Equinor and a joint venture between EDF Renewables UK and ESB – Gwynt Glas – as preferred bidders to deliver the new floating windfarms following the conclusion of its leasing round five. The floating windfarm from Gwynt Glas is in Welsh waters off the west Wales coast, while the project from Equinor will be off the coast of Cornwall. Each bidder will pay an annual option fee of £350 per megawatt, or £525,000 per year in total. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here However, the process for licensing a third floating offshore windfarm, straddling both English and Welsh waters, failed to secure a successful bidder. The Crown Estate insisted that it would deliver on the full potential capacity through the deployment of a third site and expected to set out steps by the end of September. It is not clear whether it could develop the scheme itself. Article continues below The process, as it stands, will deliver 3 GW in offshore wind capacity, short of the original 4.5 GW target. Three projects would generate the electricity needs for more than hour million homes and create more than 5,000 direct and supply chain jobs, creating a £1.5bn economic boost. The successful bidders, based on a best price auction, will now have to go through respective planning processes. They will also be seeking contracts for difference support, which will ensure energy produced will be commercially viable, from the UK Government. The port of Port Talbot, which benefits from being in a freeport, has been identified, along with Bristol, for the assembling and maintenance of the floating windfarms. Turbines could be as high as the Shard building in London at 300 metres on floating platforms similar in size to a football pitch. They will be anchored to the seabed via huge chains. Dan Labbad, chief executive of the Crown Estate, said: "It's now 25 years since we first laid the foundations for a new market for offshore wind in the UK, creating the right conditions for a new technology to establish and grow into the world-leading industry we have today. 'The selection of EDF Renewables UK, ESB and Equinor to write the next chapter of this story in the Celtic Sea is an exciting reflection of how far we've come in that time, and a vote of confidence in this new technology and the long-term future of the UK market as a place to invest. 'The Crown Estate exists to create value for our country into the long term. Coupled with our investment of up to £400 million in the supply chain, the steps we have taken to establish floating offshore wind in the Celtic Sea mark a vital contribution to the UK's energy resilience and growth, and countless opportunities for communities and businesses alike.' UK Energy Secretary Ed Miliband said: Floating offshore wind will be transformative for economic growth in Wales and the South West, unlocking thousands of jobs in places like Port Talbot and Bristol, bolstering our energy security and delivering industrial renewal. "The Celtic Sea has huge untapped potential to support our mission to become a clean energy superpower, so we can get energy bills down for good through our Plan for Change.' Secretary of State for Wales, Jo Stevens, said: 'This is a hugely significant moment for the clean energy industry in Wales and one which will have a positive impact for generations to come. 'Floating offshore wind will help deliver the transition to clean energy, bring down bills for households and help secure the UK's home-grown energy supply. 'Increased economic growth and thousands of new well-paid jobs will come from this huge vote of confidence in Wales' energy industry and its workforce.' Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: The establishment of floating offshore wind in the Celtic Sea marks the start of a new industrial opportunity for Wales. "Over the last six months, we have been working through our Task and Finish Group to ensure Wales is in the best possible position to reap the rewards from the energy transition. "This is an exciting and important step in that journey, and we look forward to working with the industry, The Crown Estate and counterparts in Westminster to write the next chapter in this story." The new windfarms will be among the largest of their kind in the world. This is expected to be the first phase of a new industry in the Celtic Sea, with the Crown Estate identifying the potential for a further 4-10 gigawatts to be brought to market by the end of the decade. Matthieu Hue, chief executive of EDF Renewables UK, said: I am absolutely delighted to announce that we, together with our project partner ESB, have secured preferred bidder status with The Crown Estate for an Agreement for Lease as part of the Round 5 Leasing Process. Article continues below 'We look forward to further developing the Gwynt Glas offshore wind farm, helping the UK maintain a market leading position in floating wind and recognising the important role that floating wind can play in the UK's ambition towards reaching net zero.'
Fashion United
20-05-2025
- Business
- Fashion United
The Crown Estate signs 'transformational' partnership with Lendlease
The Crown Estate, which manages property and land belonging to the British monarch, has formed a joint venture with Australian developer Lendlease on six major projects in the UK, including 60 acres above and around Euston Station in London. In a statement, The Crown Estate said its investment in the new 50/50 joint venture will support the development of science, innovation and technology space, unlocking housing in the UK, and commercial opportunities. The deal has the potential to deliver over 10 million square feet of commercial and residential space and features six development schemes across London and Birmingham. As well as the project at Euston Station, the portfolio includes 60 acres in Silvertown in London, with the potential to deliver circa 1.3 million square feet of commercial and 6,300 new homes; 40 acres in Smithfield in Birmingham, with over 2 million square feet of commercial space and 3,400 new homes; and three land plots in Stratford Cross, London, featuring more than 1.6 million square feet of commercial space. There is also 250 acres of residential space in Thamesmead Waterfront, London, with the potential to deliver over 11,000 homes and 880,000 square feet of commercial space, and 27 acres in High Road West in Haringey, London, with over 100,000 square feet of commercial space and around 2,800 new homes. Dan Labbad, chief executive of The Crown Estate, said: 'With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects to create jobs, stimulate growth and positively impact lives, while also generating income for the UK. 'As a country, we face challenges to unlocking growth. To support this, we need to spark investment in sectors like science, technology, and housing, alongside deep collaboration across communities, government, and the private sector. This joint venture is an example of how The Crown Estate is harnessing its mandate to act in the UK's long-term national interest, supported by new investment powers, and stepping up its ambition to support inclusive growth for the nation.'
North Wales Chronicle
19-05-2025
- Business
- North Wales Chronicle
Crown Estate strikes deal to back London Euston redevelopment
The monarch's property company has agreed to take a 50% stake in the new joint venture, overseeing six development schemes in the capital and Birmingham. This includes a 60-acre transformation of the space above and around Euston station, creating cafes, shops, leisure facilities and some 2,000 apartments. We have signed a Joint Venture with@Lendlease to deliver 6 key developments in London and Birmingham. The investment will deliver much-needed science, tech and innovation space as well as creating jobs and building new homes🏠 Find out more: — The Crown Estate (@TheCrownEstate) May 19, 2025 Lendlease, which is working on a master plan for the development, has estimated it could cost 11.2 Australian dollars (£5.4 billion) and take until 2040 to complete. The project has been marred by delays and uncertainties around the accompanying plans for HS2, which is expected to reach Euston despite the work being suspended. The cost of building the high-speed railway between London and the West Midlands has been estimated to be around £80 billion. The Crown Estate's joint venture with Lendlease means it will have a stake in four other major London schemes – development of the Silvertown waterside neighbourhood in east London, three land plots in Stratford Cross, the 11,500-home Thamesmead Waterfront project, and the High Road West scheme near Tottenham Hotspur's stadium. The portfolio also includes the 3.7 billion Australian dollar (£1.8 billion) development of the Smithfield site in Birmingham, which aims to create more than 3,000 homes. The firms estimate that the projects have a combined value of up to £24 billion, and have the potential to create about 100,000 jobs and 26,000 homes. The Crown Estate is an independent company that belongs to the monarch for the duration of their reign, with a £16 billion portfolio of property that spans the country, including London's West End. Profits are partly used to fund the work of the monarchy. Chancellor of the Exchequer Rachel Reeves said: 'We are pulling every lever to grow our economy so we can put more money in people's pockets, boost home ownership and make Britain a global hub for life sciences through our plan for change.' Crown Estate chief executive Dan Labbad said: 'With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects to create jobs, stimulate growth and positively impact lives, while also generating income for the UK.'
Western Telegraph
19-05-2025
- Business
- Western Telegraph
Crown Estate strikes deal to back London Euston redevelopment
The monarch's property company has agreed to take a 50% stake in the new joint venture, overseeing six development schemes in the capital and Birmingham. This includes a 60-acre transformation of the space above and around Euston station, creating cafes, shops, leisure facilities and some 2,000 apartments. We have signed a Joint Venture with@Lendlease to deliver 6 key developments in London and Birmingham. The investment will deliver much-needed science, tech and innovation space as well as creating jobs and building new homes🏠 Find out more: — The Crown Estate (@TheCrownEstate) May 19, 2025 Lendlease, which is working on a master plan for the development, has estimated it could cost 11.2 Australian dollars (£5.4 billion) and take until 2040 to complete. The project has been marred by delays and uncertainties around the accompanying plans for HS2, which is expected to reach Euston despite the work being suspended. The cost of building the high-speed railway between London and the West Midlands has been estimated to be around £80 billion. The Crown Estate's joint venture with Lendlease means it will have a stake in four other major London schemes – development of the Silvertown waterside neighbourhood in east London, three land plots in Stratford Cross, the 11,500-home Thamesmead Waterfront project, and the High Road West scheme near Tottenham Hotspur's stadium. The portfolio also includes the 3.7 billion Australian dollar (£1.8 billion) development of the Smithfield site in Birmingham, which aims to create more than 3,000 homes. The firms estimate that the projects have a combined value of up to £24 billion, and have the potential to create about 100,000 jobs and 26,000 homes. The Crown Estate is an independent company that belongs to the monarch for the duration of their reign, with a £16 billion portfolio of property that spans the country, including London's West End. Profits are partly used to fund the work of the monarchy. Chancellor of the Exchequer Rachel Reeves said: 'We are pulling every lever to grow our economy so we can put more money in people's pockets, boost home ownership and make Britain a global hub for life sciences through our plan for change.' Crown Estate chief executive Dan Labbad said: 'With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects to create jobs, stimulate growth and positively impact lives, while also generating income for the UK.'
