Publicly-owned company Great British Energy (GB Energy) is to team up with The Crown Estate to accelerate offshore wind leasing in the UK.

The new GB Energy initiative is set to work along with seabed landlord The Crown Estate. This will help kick start Labour’s plans to transform the nation’s energy system.

The Crown Estate is a statutory corporation with British monarch lands and holdings. This property portfolio while owned by the reigning monarch exists to serve the wider public.

This partnership will be the first of its kind for GB Energy. The alliance seeks to introduce extra offshore wind seabed leases to the market in the coming years. GB Energy-Crown Estate are targeting as much as 20-30 gigawatts of additional leases by 2030.

According to the Department of Energy Security and Net Zero or DESNZ, the partnership may leverage offshore wind private capital of up to £60 billion.

The GB Energy-Crown Estate partnership aims to provide developers with lower risk through added early development work when it comes to new offshore wind projects. It is believed this will help projects get off the ground faster.

The Crown Estate already has a £16 billion portfolio comprising land and seabed. GB Energy will, according to Labour, receive £8.3 billion from the government through the course of parliament.

Generally speaking, GB Energy will serve the purpose of helping to bring about a range of new clean energy projects. GB Energy will work with energy companies, local authorities and co-operatives.