UK green bank plans £11bn offshore wind fund

UK green bank plans £11bn offshore wind fund

Copyright: Thinkstock

The UK Green Investment Bank (GIB) has announced plans to launch a £1 billion fund to buy stakes in operating offshore wind farms.

The bank said it is looking for “suitable long-term co-investors” to pump money into the sector which has been rocked by a number of project cancellations.

Business Secretary Vince Cable said: “GIB’s plans for a dedicated offshore wind fund are a real boost for our industrial strategy in a sector where we have a strong competitive advantage compared to other countries.

“There are great opportunities for British companies and the industry has the potential to create 30,000 jobs for the UK.”

The bank unveiled the proposals alongside its full-year results, reporting a loss of £5.7 million in the current year – as a result of “a significant proportion of income being deferred to future years”.

Read more here

Source: Energy Live News


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s