GIB invests in UK offshore wind developments

Two investments into offshore wind developments in the UK have been announced by the UK Green Investment Bank (GIB). The investments include £241 million that is being contributed to the Westermost Rough offshore wind farm, which is being developed by DONG Energy. This will help to ensure the project continues and that the UK is producing more renewable energy.

Located off the coast of Yorkshire, the Westermost Rough project is currently in the early construction stages. The plans are to utilise the six megawatts direct drive turbines developed by Siemens. These turbines are almost double the size of most that are in use within UK waters and the project will be the first time they have been commercially deployed. It will also be the first time that the GIB has invested in a project that has construction risks.

Once the Westermost Rough project has been completed and is operational, it will generate more than 800 gigawatt hours of green energy, which is enough to power around 200,000 homes.

The other investment that has been announced means that the GIB now holds a ten per cent stake in the Gwynt y Mor offshore farm from RWE Innogy. This project is currently in the late stages of construction and is located off the North Wales coast. It is the largest offshore wind development being constructed in Europe and comes with a purchase price of £220 million. Once operational, it will produce more than 1,700 gigawatt hours every year, enough to power 400,000 homes.

Shaun Kingsbury, chief executive of the UK GIB, said: “The UK 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. 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."