UK green bank's offshore wind fund hits £818m

UK green bank's offshore wind fund hits £818m

by Big Mac

Football image

 

The UK Green Investment Bank (GIB) has raised £818 million for offshore wind projects.

Its Offshore Wind Fund achieved a second close of £355 million after securing new investors which include Swedish life insurance and pension firm AMF and Strathclyde Pension Fund.

The GIB has set a target of £1 billion.

It is buying a 10% stake in the 576MW Gwynt y Mor offshore wind farm in Wales, which was officially opened by RWE Innogy earlier this year.

The Fund’s other assets are the 90MW Rhyl Flats wind farm off the coast of North Wales and the317MW Sheringham Shoal facility off the Norfolk coast.

The three offshore wind farms are able to generate 2,980GWh of renewable energy every year, enough to power more than 700,000 homes.

Energy Secretary Amber Rudd said: “Offshore wind has been a UK success story and I welcome this long term, private sector involvement in what is now the largest renewable energy fund in the UK. This demonstrates how we are open for business and the best place in the world to invest in offshore wind.”

Last week the UK Government confirmed the grace period for onshore wind projects.