UK’s green bank to fund offshore wind construction

The UK’s Green Investment Bank (GIB) is set to start funding construction of new offshore wind farms in the country. It made the announcement today as it appointed a new […]

Register now!

By Priyanka Shrestha

The UK’s Green Investment Bank (GIB) is set to start funding construction of new offshore wind farms in the country.

It made the announcement today as it appointed a new Managing Director for offshore wind to support its plans. GIB, which was launched in November last year, said offshore wind is one of its priority investment sectors and is expected to have the largest share of its initial £3 billion capital.

Newly appointed Christine Brockwell said: “Offshore wind will play a significant role in helping the UK meet its binding renewable energy obligations. Through its direct funding capabilities and its desire to stimulate co-investment from other institutions, the Green Investment Bank is vital to the industry’s success in realising its planned installed capacity.”

The news follows GIB’s first fund for offshore wind last year, worth £224 million and last week also announced it was backing biomass projects in the UK.