UK government and offshore wind energy sector industries have collaborated to launch a new body, Offshore Wind Investment Organisation (OWIO) aimed at attracting investments for the projects.

The new entity will work in line with Department of Energy and Climate Change (DECC) and British Interplanetary Society (BIS) undertaking investment projects of government for offshore sector.

Commenting on the launch of new entity, UK Energy Minister Michael Fallon remarked that the new investment body is a part of government’s efforts to boost inward investment for offshore projects.

"We already have more installed offshore wind than anywhere else in the world, and this brings enormous economic benefit to our shores, supporting thousands of skilled jobs," added Fallon.

Welcoming the move from the government, RenewableUK chief executive Maria McCaffery stated: "This news is a welcome boost for British industry and restates the Government’s acknowledgement that offshore wind represents massive economic potential for the UK.

"The fact that this new organisation will coordinate Government’s work with business via a leading industry figure is important as it further cements the positive relationship between Government and industry, as we work together to build the investment climate we need going forward."