The UK Green Investment Bank has confirmed the acquisition of a £236m stake in the 400MW Rampion Offshore Wind Farm.
The project has been developed by E.ON, which will continue to own the remaining shares in the joint venture.
Rampion will be constructed 13km off the Sussex coast in the English Channel and it is expected to generate 1,333 GWh of renewable electricity.
The wind farm is also forecast to reduce greenhouse gas emissions by 4,215 kt CO2e across 25-years.
This is GIB’s seventh investment in the UK’s offshore wind sector and will provide over 2,500 MW of renewable electricity generation capacity, enough to power more than two million homes.
The three-year construction phase will yield 300 jobs of the project where up to 65 permanent full-time employees will be required to oversee operations and maintenance once the wind farm has been commissioned.
E.ON is the world’s third largest offshore wind operator having completed the construction of seven offshore wind farms totalling 1.2GW, with another 507 MW currently under construction.
Shaun Kingsbury, GIB chief executive, said:“Our investment gives the developer the confidence to begin construction on this important offshore wind project, boosting UK energy supply and generating enough power annually for around three hundred thousand homes.”
Tony Cocker, E.ON chief executive,, said:“This is an important milestone for what is a strategically important project for the UK. At around £1.3bn this investment by E.ON and our partners at the UK Green Investment Bank could be one of the biggest capital projects confirmed in Britain this year and we are proud of the leading role we are continuing to take in helping transform the UK’s energy infrastructure.”