Renewable energy trade association the British Wind Energy Association (BWEA) said that Alistair Darling's investment in renewable energy will solve the "immediate crisis" facing the offshore industry.
The chancellor of the exchequer outlined direct investment in offshore windfarms on Wednesday April 22nd and announced that energy suppliers will be able to apply for loan funding through the European Investment Bank.
Charles Anglin, communications director at the BWEA, said: "Wind [energy] has been suffering from a once-in-a-lifetime combination of negative factors, a 'perfect storm' of financial problems."
He explained that high commodity prices, the depreciation of the value of the pound against the euro and the lack of competition in the supply sector for offshore energy have had a negative impact on the industry.
The Budget allocated the low-carbon sector £1.4 billion of additional support over the forecasted period, including £525 million for the offshore wind industry and £375 million for energy and resource efficiency in business, public buildings and households.
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