Offshore wind
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
17 September 2015
The Memorandum of Understanding sets out how the two organisations will bring their areas of expertise to bear on lowering the levelised cost of energy (LCOE).
It identifies six areas on which they will initially work together, each aimed at addressing specific perceived risks in investment in offshore renewable projects:
Each organisation will also benefit from direct access to the technical expertise of the other, avoiding the costs of developing non-core internal capability.
Anna Soubry
Business Minister
Shaun Kingsbury
Green Investment Bank CEO
Andrew Jamieson
ORE Catapult CEO
The capital intensity of offshore renewables makes the cost of capital a key driver of the cost of such energy. The Crown Estates’ Offshore Wind Cost Reduction Pathways Study, published in June 2012, estimates that a drop of one percentage point in the Weighted Average Cost of Capital (WACC) is equivalent to a reduction in the Levelised Cost of Energy (LCOE) of around 6%.
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About ORE Catapult
ORE Catapult was established in 2013 by the UK Government and is one of seven such Catapults set up by Innovate UK in high growth industries. It is the UK’s flagship technology innovation and research centre for offshore wind, wave and tidal energy and delivers prioritised research underpinned by world-class test and demonstration facilities, collaborating with industry, academia and Government to reduce the cost of offshore renewable energy and create UK economic benefit.