GB Energy to keep funding Scotland's lagging floating wind projects

GB Energy, the publicly funded energy company created by the Labour UK government, handed over its first equity investment to a floating wind project and signalled more public capital will follow. The Pentland scheme has already received £50 million, and the firm is evaluating four to six other projects—including Caledonia, Buchan, Pentland, Bellrock, Salamander and Muir Mhor—to prioritize amid fears that some licences may revert to Crown Estate Scotland.

CEO Dan McGrail argued that cost reductions will come from scaling deployments, building sustainable supply chains, and solving technical issues that deter insurers. He emphasized a dual approach of supporting early-stage projects while targeting supply-chain innovations to accelerate technology readiness. The strategy aims to create test cases that boost confidence in project finance and foster a robust domestic offshore wind ecosystem for Scotland and the wider United Kingdom.