31 Mar '14, 2pm

UK Green Investment Bank Pours $767 Million Into Offshore Wind

UK Green Investment Bank Pours $767 Million Into Offshore Wind

The bank, capitalized in 2012 with 3 billion pounds from the U.K. government, said it was putting 241 million pounds into a 50 percent stake in Dong Energy A/S’s Westermost Rough offshore wind farm along with Chiyoda-Ku, Japan-based Marubeni Corp. It’ll pay out another 220 million pounds for a 10 percent stake in RWE AG’s Gwynt y Mor project. The bank’s goal is to “directly invest to help developers recycle their capital into the next wave of newrenewable energy projects,” GIB Chief Executive Officer Shaun Kingsbury said today in an e-mailed statement. It also plans “to create a demonstration effect, which others will follow.” The cash injection from the bank and Marubeni is a boost to the U.K. offshore wind industry after SSE Plc last week said it was slowing down its pace of investment in the technology, citing “limited” support. Developers have canceled more than 5.5 gi...

Full article: http://www.renewableenergyworld.com/rea/news/article/2014...

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