The British energy sector received a massive boost with £460m worth of investment in two wind farm projects in Wales and Yorkshire and £1.5bn in offshore Oil wells.
With The Green Investment Bank buying a 10% in the Gwynt y Mor windfarm and a 50% stake in the Westermost Rough farm this could signal a massive step towards green energy in Britain and a growth in jobs both within the sector as well as in construction.
Gwynt y Mor is the largest project of its kind being built in Europe and is estimated to generate enough energy to supply 400,000 homes once it is completed. Westernmost Rough is on course to be double the size of most wind farms in the country with around 35 turbines on the site.
The UK is increasingly trying to wean itself off of foreign energy supplies and is trying to position itself as the new world leader in offshore wind. With this in mind, more of these projects are expected in the near future.
Oil Field Boost
This news comes shortly after the announcement that a major oil field has been approved in the North Sea which could see major benefits to the British energy sector.
Premier Oil has been given permission to drill 22 oil wells 100 miles off the coast of Aberdeen with the project also providing a boost to the construction sector.
A £270m pipeline and other facilities have been granted approval in an overall deal that will see around £1.5billion worth of investment in the area.
All of these projects see a massive focus being put on infrastructure in Britain which is bound to bring jobs and investment in the energy, construction and infrastructure sectors and see Britain establish itself as a major economic force globally.
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