Europe’s leading offshore wind power companies are set to jointly invest up to £6.4m ($8.4m) in an effort to bring down industry costs.

Statoil, E.ON, Dong Energy, RWE, Iberdrola, EnBW, SSE, Statkraft and Vattenfall pledged this week to join with the UK’s Carbon Trust to support the new European phase of its Offshore Wind Accelerator (OWA) programme, which aims to reduce the cost of offshore wind to below £100/MWh by 2020.

The funds are to be delivered over a four-year period and will serve to top-up a £1.5m grant to the OWA from the Scottish government, announced in June.

Also in June, a group of offshore wind firms including RW, E.ON, Siemens, GE, Vattenfall and Statoil said in a joint statement that they aim to reduce project costs to €80/MWh by 2025.

Last week Dong Energy said it is set to break the cost record for an offshore wind project, building two wind farms for €72.70 ($80.75)/MWh. The previous low-cost record of €103/MWh was set by Vattenfall in 2015 for a scheme off the Danish coast.