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U.K. Green Investment Ban (GIB) invest 461 million pounds into two offshore wind farms off the British coast
This project, one of the largest investment ever made in offshore wind, has the purpose of “helping the developers recycle their cash back into new projects to create a demonstration effect, which others will follow” said GIB Chief Executive Officer, Shaun Kingsbury.
The first investment project is for the realization of the Westermost Rough Offshore Wind Farm off the Holderness coast in the North Sea; for this project the bank has invested 241 million pounds.
The Westermost Rough plant will have 210 MW capacity and it will be able to generate around 800 GWh of clean energy per year. Furthermore, it will be the first offshore wind plant in UK to use Siemens 6 MW turbines that involves an increase in production and a reduction in energy costs compared to conventional turbines of less power.
The second project, is the Gwynt y Mor in North Wales, the largest offshore wind farm in Europe, with 576 MW of capacity and 1,700 GWh / year of electricity generated: for instance, the park alone could meet the energy needs of the city as Bristol. For this project the U.K. Green Investment Bank has paid out 220 million pounds.
“GIB has now invested more than 600 million pounds in five offshore wind farms helping to mobilize 1.3 billion pounds in total, said GIB business secretary Vince Cable - this sector has the potential to generate thousands of new skilled jobs and billions of investment by businesses".
The U.K. government is relying on offshore wind power to help the country meet its binding renewable energy and emissions reduction targets. “The UK has ambitious plans to build its position as a world leader in the offshore wind industry “ said in a statement Shaun Kingsbury.
The first investment project is for the realization of the Westermost Rough Offshore Wind Farm off the Holderness coast in the North Sea; for this project the bank has invested 241 million pounds.
The Westermost Rough plant will have 210 MW capacity and it will be able to generate around 800 GWh of clean energy per year. Furthermore, it will be the first offshore wind plant in UK to use Siemens 6 MW turbines that involves an increase in production and a reduction in energy costs compared to conventional turbines of less power.
The second project, is the Gwynt y Mor in North Wales, the largest offshore wind farm in Europe, with 576 MW of capacity and 1,700 GWh / year of electricity generated: for instance, the park alone could meet the energy needs of the city as Bristol. For this project the U.K. Green Investment Bank has paid out 220 million pounds.
“GIB has now invested more than 600 million pounds in five offshore wind farms helping to mobilize 1.3 billion pounds in total, said GIB business secretary Vince Cable - this sector has the potential to generate thousands of new skilled jobs and billions of investment by businesses".
The U.K. government is relying on offshore wind power to help the country meet its binding renewable energy and emissions reduction targets. “The UK has ambitious plans to build its position as a world leader in the offshore wind industry “ said in a statement Shaun Kingsbury.
