RenewableUK Welcomes Offshore Wind Move from GIB and Marubeni

Maf Smith of RenewableUK backed the offshore wind investment announcements made today by the Green Investment Bank.

The announcements stated the Green Investment Bank was investing jointly with the Marubeni Corporation to purchase a 50% share in Dong Energy’s Westermost Rough wind farm, which is being built off the coast of East Yorkshire, and also purchasing a 10% stake in RWE Innogy’s Gwynt-y-Môr wind farm, off the North Wales Coast. Both projects are currently in construction, and this represents the first time the Green Investment Bank has invested in offshore wind projects prior to completion.

Smith said: “It’s great to see the Green Investment Bank moving in at an earlier stage of offshore wind development. Offshore wind requires a lot of capital up front, so investment at an earlier stage helps industry manage risk which in turn will help deliver cost savings to this sector.

“It’s also pleasing that the Green Investment Bank expects the proceeds of both to be reinvested in the UK. Today’s news from the IPCC shows that we need to ensure low carbon investment is on track, and that the investment gap the Environmental Audit Committee recently warned about is filled. Helping companies to recycle funding is a great way to do that. Moving forward, we also hope the Green Investment Bank will look at how it can help onshore wind developers to bring much needed investment into that sector.” 

Press release, March 31, 2014