The UK Green Investment Bank (GIB) has announced a plan to raise a £1billion fund in support of private offshore wind farm projects.
The announcement came as GIB reported on its 2013-14 contributions, when it committed £668million towards 18 green energy projects.
An additional £1.9billion of private money has been committed alongside GIB’s own investment, the bank said in a statement.
The bank’s total capital commitment stands at £1.3billion of profitable investments since its launch in 2012, it added.
“We want to do more to maximise our green impact,” said Shaun Kingsbury, GIB chief executive.
“We plan to extend our reach into new markets like community-scale renewables. And we plan to raise new capital for the first time through the creation of a new £1billion fund for operating offshore wind assets.”
As the world’s first green energy-focused investment bank, the GIB’s portfolio sets out to reduce the UK’s annual CO2 emissions by 3.5million tonnes each year; produce 12.8TWh of renewable energy; and avoid 1.3million tonnes of waste going to landfill, upon completion.
“The UK continues to be the most attractive place to invest in offshore wind globally and today’s announcement by the GIB to raise a £1billion fund to attract new private investment is another vote of confidence in the UK’s maturing sector,” said Huub den Rooijen, head of offshore wind at The Crown Estate.
“Offshore wind is already making a material contribution to the UK’s electricity demand, around 3-4 per cent annually, and employing nearly 7,000 people directly – today’s announcement is a further boost to unlocking offshore wind’s full potential and the UK’s transition to a low carbon economy.”
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