A Once in a Generation Opportunity: Justin Olosunde reflects on the Celtic Sea FLOW Summit 2024

Justin Olosunde, the West of England Combined Authority Senior Funding & Investment Manager, reflects on the opportunity presented by floating offshore wind (FLOW) for Cornwall and the wider region.

As a long-time Cornwall resident and advocate, the Celtic Sea is very close to my heart. Not only is it part of my local identity, but I believe a source of lasting prosperity to the communities I serve.

This belief is not unfounded. The Celtic Sea is a tremendous natural asset that is waiting to be unlocked. It is primed to be the centre of a new green energy industry in the form of floating offshore wind (FLOW) that could bring untold investment and opportunities.

Last month, I attended the @Celtic Sea Power FLOW Summit at the Eden Project. It was a fascinating day of talks from leading FLOW experts and the message from all speakers was that we must embrace FLOW to transform the Celtic Sea region for the better.

Untapped potential

As the former Project Manager for the Floating Offshore Wind Accelerator at the @University of Exeter , I’ve seen firsthand what this technology can do. FLOW has been proven as a viable green energy source to meet rising demand and the Crown Estate has set a target of generating enough FLOW energy to power over four million homes.

If the Celtic Sea becomes a focal point of the energy transition though, the benefits will go beyond just energy provision. With FLOW, we have a chance to turn the tide on the de-industrialisation of our coast by bringing in investment and providing high-skilled jobs and training for local people.

The limiting factor here is not the Celtic Sea itself, with its strong winds, deep waters for floating platforms, and proximity to energy infrastructure. Instead, it is increasingly clear to me after this year’s Celtic FLOW Summit, that the only thing holding us back is ourselves.

Shifting mindsets

The rallying call from the summit was the need for all those involved in FLOW to shift our mindset from early stage development to delivery.

Winning a marine lease for a FLOW project for example is a great step in the right direction but the challenge is turning this into something operational.

During a panel I hosted on investment in infrastructure, @Ivan Lim shared valuable insights from countries such as Japan and Australia where delivery is routinely prioritised from the outset. This is something that we can learn from and was already in evidence at the Eden Project , but further action from both government and industry would be welcome.

Generational planning

If we are going to shift mindsets in this way, we do look to government to act boldly to support FLOW in the Celtic Sea region and provide developers, infrastructure asset owners and the broader supply chain  the assurance they need to move forward. A recurring theme of the summit, well put by @Thibaut Cheret who emphasised the importance of policy interventions to build a sustainable regional FLOW economy.

This requires national and local government to look long into the future and provide a generational capital commitment matched by private investors. Only in this way can we derisk FLOW in the Celtic Sea and encourage growth that will unlock its potential.

If we action new FLOW policy and financial frameworks, we will also attract international investment. We are more advanced than most of the world in adoption of wind power - if we can show we have a commitment to building on this, investors will take a keen interest in the Celtic Sea and its potential.

Infrastructure solutions

Another clear takeaway from this year’s summit was that this action needs to focus on infrastructure. Specifically, if we are going to provide a strong foundation for FLOW industry, we need targeted and timely investment to enable new infrastructure solutions.

For a start, no matter how much we invest, we will not be able to build the grid at the pace we would like to. We must therefore think creatively to work around grid limitations. Questions around energy storage solutions and alternative offtakes such as hydrogen production are essential to consider.

New port facilities are also required to support assembly and deployment of turbines. We need action to connect and direct public and private stakeholders and supply chain partners to build new port infrastructure that serves the industry, much as the @UKRI Local Industrial Decarbonisation Plans that are connecting and directing industrial emitters across the UK.

Another interesting but often overlooked point made at the summit by @Dan Start was the need for new infrastructure to meet operation and maintenance (O&M) needs. Small scale O&M harbours won’t be able to serve as operational bases for FLOW developments that achieve target capacities and this must also be addressed.

The Path for Celtic Sea FLOW

These issues are deeply interconnected and by no means insurmountable.

There was clear consensus among experts at this year’s Celtic FLOW Summit. We need to adopt a winning mindset when it comes to FLOW development. To do this, government must step up and show their support for Celtic Sea FLOW through bold action, whether this be in the form of new policies to support burgeoning FLOW economies or long-term investments matched by the private sector to derisk FLOW developments. With this, we can start to remove roadblocks in areas such as grid and port infrastructure and begin to deliver Celtic Sea FLOW at scale.

This is a generational industrial opportunity and one we can't afford to waste. The net zero and economic benefits of FLOW to the Celtic Sea region could be extraordinary. It would be a tragedy if we missed out on these because of a lack of vision for our future.