The UK Green Investment Bank (GIB) has bought a 25% stake in an offshore wind project.

The Galloper wind farm, located off the Suffolk coast, is expected to have a capacity of 336MW – equivalent to powering around 330,000 homes per year.

It will also help reduce more than 190 kilotonnes of carbon emissions annually.

Around 700 jobs will be created during construction and 90 positions when the project is completed, the GIB claims.

The Galloper wind farm is worth £1.5 billion and is a joint venture between the GIB, project developer RWE Innogy, Siemens Financial Services and Macquarie Capital.

Ed Northam, Head of Investment Banking at the GIB said: “This is another significant milestone in the development of the UK offshore wind industry in a year that has already seen two major projects come online and construction commence on another. The transaction reinforces our relationship with RWE and further highlights the impressive list of companies that are investing in the sector.”

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