The Labour government will present its green energy infrastructure plan to parliament on Thursday. Alongside this, it will announce a multi-billion-pound energy partnership with the Crown Estate.
The legislation will create a publicly owned entity called Great British Energy. Prime minister Keir Starmer aims for this body to fund renewable energy projects as the UK transitions away from fossil fuels.
The government has allocated £8.3 billion of public money over the next five years to reduce energy prices by cutting reliance on foreign oil and gas imports.
The new body will also aim to attract private investment. The government has announced a partnership with the Crown Estate to leverage private investment of £60 billion.
The Crown Estate, the royal family's land and property holdings, is an independently run business. Its profits go to the government, which allocates a portion to the monarchy for official duties.
The Crown Estate's portfolio includes commercial and retail properties in central London, rural and coastal land across the country, and waters around England and Wales. This makes it one of Europe's largest property empires, with significant potential for developing offshore wind power.
Profit from the Crown Estate more than doubled last year to a record £1.1 billion, driven by offshore wind farms, according to annual accounts published on Wednesday.
Last week, the Labour government announced plans to expand the Crown Estate's investment powers, allowing it more scope to borrow for investments, including offshore wind projects.
The government stated that this could generate 20 to 30 gigawatts of energy from offshore wind by the end of the decade.
It also proposed boosting investment in sustainable aviation fuel plants across the country.
(With inputs from AFP)
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