The UK Green Investment Bank (GIB) has announced two equity investments totaling 461 million British pounds in the U.K. offshore wind sector.
Specifically, GIB is investing alongside Japan's Marubeni Corp. to jointly purchase a 50% stake in the 210 MW Westermost Rough offshore project from DONG Energy. GIB is committing about half of the funds to the approximately 500 million British pound transaction.
GIB has also agreed to acquire a 10% stake in the of 576 MW Gwynt y Mor offshore wind project from RWE Innogy. The purchase price is 220 million British pounds.
‘The U.K. has ambitious plans to build on its position as a world leader in offshore wind. We have two roles to play in supporting those plans," says Shaun Kingsbury, chief executive of GIB. "Firstly, to directly invest to help developers recycle their capital into the next wave of new renewable energy projects. Secondly, to invest on fully commercial terms to create a demonstration effect which others will follow.’