U.K. invests $1.1 billion in offshore wind

U.K. Green Investment Bank takes on shares in wind farms.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   March 31, 2014 at 8:28 AM
| License Photo

The U.K. Green Investment Bank said Monday it was investing in two wind energy programs to help position the country as a world leader in the sector.

"These investments are part of a strategy, led by Green Investment Bank, to mobilize capital into the UK offshore wind industry," the bank's chief executive, Shaun Kingsbury, said in a statement.

GIB, alongside Japan's Marubeni Corp., purchased for $830 million a 50 percent stake in the Westernmost Rough offshore wind farm from Danish company DONG Energy. The project, in the early stages of construction, will feature 6 megawatt turbines -- twice the size of conventional turbines. Once fully developed, it will be able to generate 800 gigawatts of energy at its peak.

For $360 million, the bank acquired a 10 percent stake in the Gwynt y Mor offshore wind farm from Germany's RWE Innogy. That project is the largest offshore wind farm under construction in Europe and will be more than twice the size of Westernmost Rough once fully operational.

British Energy and Climate Change Secretary said his country is the world leader in offshore wind investments.

"This news is proof of the strength of investment in British energy infrastructure," he said.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Shoot-from-the-hip, around corner sighting capability unveiled
BP upbeat after disappointing second quarter
Airbus Helicopters announces factory acceptance of training aircraft
AAA: National gas prices down, though volatility endures
Britain extends Lockheed Martin military inventory contract