GIB Fund to Boost UK Offshore Wind, Says RenewableUK

RenewableUK says today’s announcement by the Green Investment Bank (GIB) that it plans to raise £1 billion for a fund to invest in offshore wind projects will help to boost the sector’s rapid growth.

The bank has already invested in 5 large offshore wind farms since its inception in 2012, such as London Array, currently the largest project of its kind in the world.

The bank has invested £668m over the past year in 18 clean energy schemes with an additional £1.9 billion raised from private money, which in total contributed £2.5bn of new investment in the UK’s green economy in 2013/2014.

The 18 projects are estimated to save 3.5 million tonnes of carbon dioxide a year once completed, and produce enough clean energy to power three million homes.

Commenting on the fund’s announcement, RenewableUK’s Director of External Affairs, Jennifer Webber, said: “The GIB’s offshore wind fund will provide a significant boost to the UK’s offshore wind industry, at a time when it’s expanding by leaps and bounds. It will create a virtuous cycle by encouraging more private investors to come forward – this will in turn enable offshore wind farm developers to invest in further projects. More than 13,000 people are already employed full time in the UK’s world-leading offshore wind industry – and that’s set to grow to 45,000 jobs by 2023. The establishment of this fund by the GIB helps to secure those jobs for the future”.