GB Energy aims to attract £15bn funding for renewables

Great British Energy has vowed to generate enough clean energy to power almost 10 million homes, under new spending plans that it hopes will attract £15 billion worth of private finance.

The publicly owned energy body published its first strategic plan since being launched last year.

Based in Aberdeen, GB Energy was created with the aim of speeding up the transition to clean energy by investing in the country’s infrastructure and funding green projects.

It was launched last year under the Labour Government and was formally established in May.

The company, which is owned by the Department for Energy Security and Net Zero (DESNZ) but run independently, set out its targets for the next five years.

They include building a portfolio through investing and owning projects that will be able to deliver at least 15 gigawatts (GW) in clean energy generation and storage capacity.

This is estimated to be enough to power the equivalent of almost 10 million homes.

Around £15 billion of private finance is expected to be mobilised over time, driven by GB Energy’s spending up to 2030.

Furthermore, under the plans, the body expects to support 10,000 jobs through the projects it funds, including in areas historically dependent on oil and gas.

“For too long, the UK has relied on imported energy, while other state-owned companies have benefited from owning our crucial energy assets,” GB Energy’s strategic plan read.

“Public ownership with purpose means we use public capital to unlock private investment, not replace it.”

The strategic plan also outlines details of three priority areas for investment – onshore energy, offshore energy, and local clean energy projects.

It is aiming for its portfolio to be generating income by 2030, helping pave the way for the company to start making a profit.

Energy Secretary Ed Miliband said: “This plan shows what a publicly owned energy company will deliver: an abundance of clean, homegrown energy for British people and thousands of good jobs across the country.”

GB Energy’s chief executive Dan McGrail said: “This strategic plan marks a major milestone in our mission to accelerate clean energy and the industries that support it.”