UK and Japan agree $12bn financing framework for 10GW floating offshore wind projects in Scotland and Wales
Type: Financing · Technology: Offshore Wind · Country: United Kingdom · Value: $12B · Announced: 2026-06-15
The UK and Japanese governments formalized a $12 billion financing framework to accelerate the development of up to 10GW of floating offshore wind capacity in Scottish and Welsh waters. The agreement, announced during Japanese Prime Minister Sanae Takaichi's visit to 10 Downing Street, will fund multiple floating wind projects under the Offshore Wind Compact initiative. The framework includes direct investments from Japanese financial institutions and government-backed loans, targeting commercial-scale deployments expected to come online between 2028 and 2032. The initiative aims to leverage Japan's expertise in floating wind technology, particularly in deep-water conditions similar to those off the UK coast. The deal positions the UK as a global leader in floating offshore wind while providing Japanese firms access to Europe's largest offshore wind market.
Counterparties
- Government of the United Kingdom (Borrower)
- Government of Japan (Lender)