Green Investment Bank launches £1bn offshore wind project investment fund

 
Nassos Stylianou
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The GIB has committed £1.3bn to wind projects so far (Source: Getty)

The UK Green Investment Bank (GIB) is on the lookout for "a suitable group of strategic, long-term, co-investors" to raise £1bn towards already-operational offshore wind farm projects in Britain.

The state-owned bank announced it was launching a fund for investors to purchase stakes in ongoing projects in the country.

According to the Financial Times, the UK's offshore wind sector is the world's largest, with 3.6 gigawatts of installed offshore wind capacity.

In a statement, Business Secretary Vince Cable said:

GIB's plans for a dedicated offshore wind fund are a real boost for our industrial strategy in a sector where we have a strong competitive advantage compared to other countries. There are great opportunities for British companies and the industry has the potential to create 30,000 jobs for the UK.

The Scotland-based bank was set up in 2012 as a focal point of the coalition government's policy on renewable energy investment and has committed a total of £1.3bn to projects already, with £668m going on 18 green projects over the financial year ending 31 March.

GIB unveiled a £5.7m loss in its first official figures. Chief executive Shan Kingsbury told Radio 4 that the headline loss is "somewhat misleading" because the money was being invested, with a number of projects still under construction.

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