United Kingdom

Details

  • Industry: Power and Utilities
  • Type: Press release
  • Date: 24/04/2014

Offshore wind farm projects puts UK back in the driving seat, but will require capital to lower costs and deliver returns 

Commenting on the government’s announcement that it has approved five offshore wind farm projects, Adrian Scholtz, head of renewables at KPMG said:

"The government's announcement to approve five offshore wind farms puts the UK back in the driving seat, ahead of Germany and France. The industry must now seize the opportunity to invest in the domestic supply chain, successfully demonstrate incremental cost reductions and therefore increase the return on each project.

 

Capital will have an essential role in delivering these cost reductions, however the challenge for firms will be managing its cost. Experience, capital recycling and risk allocation will all have a role to play in optimising the cost of this capital throughout these projects’ lives. 

 

In addition, we are seeing a growing pool of active and speculative attention paid to the sector by a range of capital providers. Given these industry drivers, we are confident that the resulting reduced lifecycle cost of capital will help reduce the cost of offshore wind - ultimately securing the industry's long term future beyond today's successes."

 

Notes to editors:

 

For further information please contact:

Simon Chan, PR Assistant Manager, KPMG

Tel: +44 (0) 207 694 2024

Mobile: +44 (0) 7747 564 737

Email: simon.chan2@kpmg.co.uk

KPMG Press Office: 020 7694 8773

 

About KPMG

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

 

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