Queen’s estate profits from seabed ownership

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The value of rights owned by the Queen’s property company to exploit the seabed around Britain’s coastline has swelled to £5bn after a record-breaking auction of plots for offshore windfarms. The estate’s first auction of its seabed licences in a decade helped to drive up the value of the portfolio. The estate awarded licences for six offshore windfarms off the coast of England and Wales, which could generate up to £9bn over the next 10 years. The successful bidders included Germany’s RWE Renewables, which won two licences at Dogger Bank, off the Yorkshire coast, and two from a consortium which includes the oil company BP, which is also investing in renewable energy.

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