As per the deal, the offshore wind sector has agreed to invest £250m in a new offshore wind growth partnership.

According to the UK government, the partnership will help domestic companies in areas like the North East, East Anglia, Humber and the Solent to stay competitive and dominate in the next generation of offshore wind innovations in areas like advanced manufacturing, robotics, new materials, floating wind and larger turbines.

The partnership is also expected to increase global exports to Europe, Japan, South Korea, Taiwan and the US by five times to £2.6bn a year by 2030.

Backed by the UK renewables companies, the offshore wind sector deal could help the number of jobs in the industry triple to 27,000 by 2030, said the government.

It expects the offshore wind sector deal to also play a role in cutting down the cost of projects in the 2020s and overall system costs. As a result, projects slated to be commissioned in 2030 will cost consumers less, claimed the government.

The deal is also expected to see Crown Estate & Crown Estate Scotland release new seabed land from this year onwards for development of new offshore wind projects.

Alongside the offshore wind sector deal, the UK government will help British business with funding of more than £4m. The funding will help the companies share their expertise across the world and open new markets for the UK industry by means of technical assistance program to assist Indonesia, Vietnam, Pakistan and the Philippines avoid dirty coal power and develop their own offshore wind projects.

UK Energy & Clean Growth Minister Claire Perry said: “This new Sector Deal will drive a surge in the clean, green offshore wind revolution that is powering homes and businesses across the UK, bringing investment into coastal communities and ensuring we maintain our position as global leaders in this growing sector.

“By 2030 a third of our electricity will come from offshore wind, generating thousands of high-quality jobs across the UK, a strong UK supply chain and a fivefold increase in exports. This is our modern Industrial Strategy in action.”