The two companies were awarded seabed rights to develop two floating wind projects in Crown Estate Scotland’s ScotWind leasing tender in January.
They said they would invest £50 million in supply chain stimulus funds for those two projects, which have a total capacity of 5 gigawatts (GW).
A further £25 million of funding will come from Scottish Power for its 2 GW fixed foundation offshore wind project which also won seabed rights in ScotWind.
Collectively, the planned projects have the potential to create enough clean energy to power almost 8.5 million homes.
The new funds are designed to help create new offshore wind capability in Scotland that would not otherwise be possible.
ScottishPower Renewables new UK offshore sites manager Mandy Gloyer said: “These funds will open up huge opportunities for the supply chain in Scotland as we gear up to lead the development of commercial-scale floating wind and kick start a new global green offshore industry.”
“We look forward to working with government, partners, industry and the supply chain to shape the funds and maximise their impact on the Scottish economy, with jobs and investment for local people and businesses across the country.”
“This is a really exciting time and a great chance for companies to get involved in delivering a clean energy future.”
Shell UK offshore wind business manager Melissa Read added: “These funds are in addition to direct project investment in supply chain facilities and will directly support the Scottish supply chain.”
“This includes businesses keen to make the transition to the renewables sector through investment in infrastructure, facilities that will manufacture and service offshore wind projects and support for companies to innovate and upskill.”
Applications to the funds will open up later in the year.