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U.K. invests $1.1 billion in offshore wind

U.K. Green Investment Bank takes on shares in wind farms.
By Daniel J. Graeber   |   March 31, 2014 at 8:28 AM   |   Comments

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March 31 (UPI) -- 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.

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