RenewableUK: Green Investment Bank’s plan to raise £1 billion fund to invest in offshore wind projects will help boost the sector’s rapid growth

LONDON, 25-6-2014 — /EuropaWire/ — RenewableUK says today’s announcement by the Green Investment Bank (GIB) that it plans to raise £1 billion for a fund to invest in offshore wind projects will help to boost the sector’s rapid growth.

The bank has already invested in 5 large offshore wind farms since its inception in 2012, such as London Array, currently the largest project of its kind in the world.

The bank has invested £668m over the past year in 18 clean energy schemes with an additional £1.9 billion raised from private money, which in total contributed £2.5bn of new investment in the UK’s green economy in 2013/2014.

The 18 projects are estimated to save 3.5 million tonnes of carbon dioxide a year once completed, and produce enough clean energy to power three million homes.

Commenting on the fund’s announcement, RenewableUK’s Director of External Affairs, Jennifer Webber, said: “The GIB’s offshore wind fund will provide a significant boost to the UK’s offshore wind industry, at a time when it’s expanding by leaps and bounds. It will create a virtuous cycle by encouraging more private investors to come forward – this will in turn enable offshore wind farm developers to invest in further projects. More than 13,000 people are already employed full time in the UK’s world-leading offshore wind industry – and that’s set to grow to 45,000 jobs by 2023. The establishment of this fund by the GIB helps to secure those jobs for the future”.

Notes:

1. Since it began lending in 2012, the GIB has committed £1.3bn into 28 green energy projects, with an extra £3.5bn committed from private investors.
2. The full GIB press release can be read here: http://www.greeninvestmentbank.com/media/25359/press-release-gib-announces-2013-14-results.pdf

Media Contacts:

• Jennifer Webber, Director of External Affairs, 020 7901 3012 or 07792 463445
  
• Robert Norris, Head of Communications, 020 7901 3013 or 07969 229913

RenewableUK is the UK’s leading renewable energy trade association, specialising in onshore wind, offshore wind and wave & tidal energy. Formed in 1978, we have an established, large corporate membership ranging from small independent companies, to large international corporations and manufacturers. Acting as a central point of information and a united, representative voice for our membership, we conduct research; find solutions; organise events, facilitate business development, and promote wind and marine renewables to government, industry, the media and the public. Our vision is for renewable energy to play a leading role in powering the UK.