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.