The government announced on Thursday that GB Energy, Britain's newly created state-backed power company, will work with Crown Estate to increase investment and develop clean energy projects.

According to the terms of the deal, the Crown Estate will establish a new division that will work with GB Energy and help for the first-time develop new offshore wind farm. The government claims this could attract private investment of between 30 to 60 billion pound ($77.48billion).

Crown Estate estimates that the partnership could lead to new offshore wind developments of up to 20-30 gigawatts reaching seabed leasing stage by 2030. This is enough energy to power the equivalent of nearly 20 million homes.

Ed Miliband said that the agreement with Crown Estate would lead to increased investment and cleaner power. It was a declaration of intent for it to be a permanent and transformational institution for the country.

The new Labour Government has set a goal to decarbonise electricity by 2030. This will require an enormous and rapid increase in renewable power capacities such as solar and wind.

The government will introduce legislation on Thursday to allow the creation of GB Energy. This will be their main tool for driving investment in energy. It will have a budget of 8.3 billion pounds (10.73 billion dollars).

Crown Estate is a commercial enterprise that runs independently and whose profits are paid to the Treasury. It consists of large tracts of land in Britain and also most of its seabed.

The company has been auctioning seabed leases to host offshore wind farms, but it has never previously been involved with their development.

The Crown Estate's profit is also used to determine the amount of public funding that goes to the Royal Family. This level is currently set at 12 percent.

The UK is the second-largest offshore wind market in the world by capacity after China. However, the sector has suffered from spiralling costs due to high inflation and supply chain bottlenecks.

The Crown Estate has said that the proposed rule change would allow it to be more flexible in its support of renewable energy projects.

Crown Estate reported record profits on Wednesday due to revenues from offshore wind seabed leases.