The Crown Estate has published its annual Wales Review, providing financial results for Wales and outlining achievements in 2025/2026.
It includes the securing of agreements for three floating offshore wind projects in the Celtic Sea, which it described as “an outstanding result”.
Through Offshore Wind Leasing Round 5, rights were awarded in 2025 to developers with significant international experience to progress three floating offshore wind farms that could provide 4.5GW of secure, renewable energy, and place Wales at the forefront of innovation in the sector.
The Crown Estate's £50 million Supply Chain Accelerator initiative is helping to develop a UK offshore wind supply chain, and already seven organisations in Wales, from skills providers to ports and innovative companies, have received funding to ready them for Celtic Sea opportunities.
During the year, The Crown Estate met a number of local authorities to discuss a move towards more collaborative, enabling lease agreements that will give leaseholders more freedom to deliver interventions that benefit local communities and nature.
Dan Labbad, CEO of The Crown Estate, said:
“This has been an important year of progress for The Crown Estate in Wales, as we continue to grow our ambitions for offshore wind and the marine economy across the nation.
“Over the past few years we have made significant strides to strengthen our operations through local partnerships, investment and engagement. Securing agreements for three floating offshore wind projects in the Celtic Sea reflects these efforts, with the potential to create over 5,000 jobs and contribute £1.4 billion to the wider economy.
“At a time when conditions in the global market are unusually challenging and tenders in other countries have failed to attract interest, this is an outstanding result that shows what we can achieve when we work together.
“Like us, the new Welsh Government has a clear vision that the Celtic Sea opportunity must deliver long-term value for Wales and Welsh communities, and we look forward to building a strong partnership with Plaid Cymru Ministers to realise these benefits, together.”
The Crown Estate Act 2025 brought in new borrowing and investment powers which will help significantly increase investment in Wales, particularly in support of Welsh renewables and the supply chain over the next decade.
The Act also paved the way for the appointment of additional Board Commissioners, including one with special responsibility to provide advice on conditions in Wales.
Michael Plaut OBE, a Welsh businessman with extensive leadership experience in the financial, commercial, non-profit and the public sectors, was appointed into the role, beginning in July.
In tandem, a Wales Forum consisting of six independent expert members has been established as a consultative Forum to provide independent insight, evidence and constructive advice to The Crown Estate’s executive team.
The Wales Review, which sits alongside The Crown Estate’s Annual Report and Accounts published on the same day, also provides financial information associated with The Crown Estate’s work in Wales.
Operating profit across assets in Wales during the year was £210 million, driven primarily by short-term option fees from the Offshore Wind Leasing Round 4 Mona project, which is primarily in Welsh waters off the North Wales coast. These option fees were time limited and have now ceased after Mona entered its pre-generation phase earlier this year. Excluding option fees, operating profits in Wales were £9.8 million.
Meanwhile, The Crown Estate is investing significantly to support the future of renewable energy in Wales, including £40 million spent on pre consenting surveys to de-risk Round 5 projects in the Celtic Sea.
Since 2024, The Crown Estate has also invested £18 million in projects to support the UK’s offshore wind supply chain, including £5 million to support Round 5 Celtic Sea delivery. Seven projects in Wales have benefitted from this investment, which is part of a wider commitment to invest up to £400 million in a UK offshore wind supply chain.
Through its research programmes, including the Offshore Wind Evidence and Change programme, The Crown Estate has supported 11 research projects based at Welsh institutions looking at the relationship between offshore wind and nature, and £2.6 million was invested in the Morlais tidal stream zone at Ynys Môn.
Operating costs were £2.9 million, which includes direct spend on Welsh activities and an attribution of relevant central costs.
