The UK Green Investment Bank (GIB) confirmed it is investing £240 million for a stake in an offshore wind farm.
It is buying a 20% share from Norwegian firms Statkraft and Statoil in Scira Offshore Energy Limited, which owns the Sheringham Shoal offshore wind farm.
The 317MW wind project, located off the coast of Norfolk, has been operating for two years and generates 1.1TWh of renewable energy every year. That’s equivalent to the power needs of around 220,000 homes.
Business Secretary Vince Cable said: “The UK’s offshore wind sector is incredibly important to the UK, currently supporting 6,000 jobs and contributing millions to the economy each year. Britain leads the world in offshore wind power generation and this latest investment by GIB will cement that position.”