UK ‘green’ bank buys wind farm stakes in £461m deal

Britain’s ‘green’ bank has bought stakes in two offshore wind farms for £461 million in total. The Green Investment Bank (GIB) is investing alongside Japan’s Marubeni Corporation to jointly buy […]

Register now!

By Priyanka Shrestha

Britain’s ‘green’ bank has bought stakes in two offshore wind farms for £461 million in total.

The Green Investment Bank (GIB) is investing alongside Japan’s Marubeni Corporation to jointly buy a 50% stake in the Westermost Rough offshore wind farm from Denmark’s DONG Energy for £241 million.

Once operational, the wind farm is expected to generate over 800GWh of renewable energy, equivalent to powering around 200,000 homes.

GIB is also buying a 10% stake in the Gwynt y Mor offshore project from Germany’s RWE Innogy for £220 million. It is located off the coast of north Wales and is expected to generate 1,700GWh of electricity every year – equivalent to the power needs of 400,000 households.

Energy Secretary Ed Davey said: “The UK is number one in the world for investment in offshore wind. This news is proof of the strength of investment in British energy infrastructure – and proof that the Government’s strategy is working – supporting green jobs across the country and delivering secure energy supplies for the future.”

UK Business Secretary Vince Cable added the GIB is playing a “game-changing role” in financing the nation’s transition to a green economy.