King Charles asks for £1 billion profits from wind farm deal to go to public - not the Royal Family
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King Charles III has said he wishes profits from a wind farm deal to go to the public rather than the Royal Family. The £1 billion deal has been signed by the Crown Estate and could have been a significant earner for the Royals, but the King wants to see it used to benefit ordinary people.
Six offshore wind farm agreements, which were announced by the Crown Estate, have created the huge windfall which would ordinarily go back into the Royal Family’s fund. However, the King wants to see the money given back for “wider public good”.
Buckingham Palace made this point very clear and said the King does not want the Royal Family to benefit through this. In a statement, Buckingham Palace said: "In view of the offshore energy windfall, the keeper of the privy purse has written to the prime minister and chancellor to share the King’s wish that this windfall be directed for wider public good, rather than to the Sovereign Grant, through an appropriate reduction in the proportion of Crown Estate surplus that funds the Sovereign Grant."
Dan Labbad, CEO of The Crown Estate, said: “The UK’s offshore wind achievements to date are nothing short of remarkable, and this next generation of projects point to an even more exciting and dynamic future.
“They demonstrate the far-reaching value that our world-class offshore wind sector can deliver for the nation: home grown energy for all, jobs and investment for communities, revenue for the taxpayer, clean energy for the benefit of the environment and a considerate, sustainable approach which respects our rich biodiversity.”