A £1.3 billion wind project off the coast of Brighton will soon enter the construction phase.
Energy company E.ON confirmed it will invest in and build the Rampion offshore wind farm, which will be located around 13 kilometres off the Sussex coast.
The UK Green Investment Bank (GIB) has bought a £236 million stake in the project, which will have a total capacity of 400MW.
It is expected to generate enough electricity to power around 300,000 homes and cut greenhouse gas emissions equivalent to taking 75,000 cars off the road.
E.ON expects to create up to 300 jobs during the three-year construction phase.
The project was approved by the UK Government last July.
Energy Secretary Amber Rudd said: “This huge investment is a vote of confidence in the UK, creating local jobs, bringing business opportunities and providing clean, home-grown energy.
“The UK is the best place in the world to invest in offshore wind, thanks to the certainty the Government is able to provide to attract private finance in partnership with the Green Investment Bank.”
This is the bank’s seventh investment in the UK’s offshore wind sector.