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”.


  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:

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.


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