According to the property company Crown Estate, plans to generate electricity via floating wind farms off the coast of South Wales might result in thousands of employment opportunities. The Monarch’s privately held but independently operated property company estimated that the new sector could generate roughly 29,000 new jobs, 10,000 of which would be in Wales. It is leasing the area in order to provide enough electricity for four million homes. However, companies hoping to secure contracts from the initiatives have pushed licensing authorities to move through quickly.

“It’s a big opportunity to create a new sector in Wales and the UK,” said the Crown Estate’s Nicola Clay. “This is absolutely going to happen, interest is growing.” Up until recently, the majority of the UK’s offshore wind farms were fixedly anchored into the seabed. Unlike traditional offshore wind farms, floating wind farms can be installed in deeper water where the wind is frequently stronger, like off the coast of Pembrokeshire. The wind turbines are attached or tethered to the seabed and float atop large steel constructions. The Offshore Renewable Energy Catapult, an industry organization, estimates that the Crown Estate tenders, which will be released in the summer of 2023, might contribute up to £43.6 billion to the UK economy by the year 2050.