UK green bank plans £1bn offshore wind fund

The UK Green Investment Bank (GIB) has announced plans to launch a £1 billion fund to buy stakes in operating offshore wind farms. The bank said it is looking for […]

Register now!

By Priyanka Shrestha

The UK Green Investment Bank (GIB) has announced plans to launch a £1 billion fund to buy stakes in operating offshore wind farms.

The bank said it is looking for “suitable long-term co-investors” to pump money into the sector which has been rocked by a number of project cancellations.

Business Secretary Vince Cable said: “GIB’s plans for a dedicated offshore wind fund are a real boost for our industrial strategy in a sector where we have a strong competitive advantage compared to other countries.

“There are great opportunities for British companies and the industry has the potential to create 30,000 jobs for the UK.”

The bank unveiled the proposals alongside its full-year results, reporting a loss of £5.7 million in the current year – as a result of “a significant proportion of income being deferred to future years”.

It has so far invested £1.3 billion in 28 renewable energy projects, which could produce enough energy to power all of Scotland’s homes.