lease area has the potential to generate over 2 GW of reliable, renewable power, sufficient to meet the energy needs of 1.7 million California homes once fully operational.

Tokyo Gas has committed a £190 million cornerstone investment as part of the broader plan to invest £3 billion in various projects by 2030.

The move follows crisis talks with the renewables industry and aims to address concerns over supply chain costs and potential delays in meeting the 2030 goal of hosting 50GW of offshore wind.

The contract encompasses the engineering, procurement, construction, and installation of the high-voltage, direct-current offshore platform.

Although there has been a retracement due to higher costs and tougher markets, she emphasized that the industry remains economically viable.

This crucial step underscores the project's commitment to meticulous planning and sustainable infrastructure development, supporting its ambitious clean energy goals.

The proposed project, with an estimated value of USD 1.3 billion, aims to establish Bangladesh's inaugural 500 MW utility-scale offshore wind energy facility, marking a significant step toward the country's renewable energy objectives.

The contract is valued within the substantial range of USD 150 million to USD 300 million, according to Subsea 7.

This development comes as the industry grapples with mounting challenges due to escalating costs.

Notwithstanding the challenges faced by the sector, the fund continues to express interest in securing direct stakes in renewable energy projects, a relatively recent investment strategy initiated in 2020.