UK’s green bank teams up with offshore renewable catapult

The UK’s green bank has joined forces with the Offshore Renewable Energy (ORE) Catapult to drive investment in the sector. They have signed a three-year agreement to work together on […]

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By Priyanka Shrestha

The UK’s green bank has joined forces with the Offshore Renewable Energy (ORE) Catapult to drive investment in the sector.

They have signed a three-year agreement to work together on six areas initially, each aimed at addressing specific risks in investment in offshore renewable projects.

They include:

> Assessment and solutions for technical challenges on offshore structures
> Development of enabling technology standards
> Financial modelling best practice for offshore renewable projects

The Green Investment Bank (GIB) and the ORE Catapult also aim to reduce the cost of energy from offshore projects.

Shaun Kingsbury, CEO of GIB believes using its financial expertise with ORE Catapult’s “technical know-how” will help achieve the aims.

Business Minister Anna Soubry added: “This collaboration is a very positive step for our offshore wind industry – helping to increase business productivity, encourage green innovation and stimulate long term growth.”