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UK GIB raises £463m for offshore wind projects

CTBR Staff Writer Published 02 April 2015

The UK Green Investment Bank (GIB) has raised £463m for its offshore wind fund, drawing support from pension funds and a sovereign wealth fund.

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The bank aims to raise a total of £1bn through the fund, which it claims to be the world's first to be dedicated to offshore wind power.

The fund, which has an anticipated life of 25 years, will be managed by the bank's subsidiary UK Green Investment Bank Financial Services.

GIB has transferred its investments in two existing offshore wind farms into the fund, which gives immediate cash yield for investors.

The assets include the 90MW Rhyl Flats wind farm off the cost of North Wales and the 317MW Sheringham Shoal project in Norfolk.

Both the wind farms will generate 1,290GWh of renewable energy per year, enough to power 305,000 homes in the UK.

UK GIB chief executive Shaun Kingsbury said: "Offshore wind is playing an important role in the UK's energy infrastructure. By 2020 we expect it to be providing enough clean, green energy to power the electricity needs of 8.2m homes across the UK.

"The fund will create significant benefits for the UK by mobilising capital into the UK offshore wind sector from new, long-term investors seeking good, risk adjusted returns."

GIB completed the 2014-15 financial year with investments of £723m in 22 green energy projects throughout the UK, bringing the total number the bank supported since it started operating in November 2012 to 46 projects with a total value of about £7bn.

Image: The UK GIB aims to raise a total of £1bn through the fund, which it claims to be the world's first to be dedicated to offshore wind power. Photo: Courtesy of UK Green Investment Bank.