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Green Investment Bank invests £461million in offshore wind

02 Apr 2014
The UK Green Investment Bank (GIB) has acquired stakes in the Westermost Rough and Gwynt y Môr offshore wind farms for a total of £461 million.

GIB and Japan’s Marubeni Corporation will jointly purchase a 50% stake in the Westermost Rough wind farm from DONG Energy and GIB has also agreed to acquire a 10% stake in the Gwynt y Môr wind farm from RWE Innogy. The bank is investing £241 million and £220 million on the projects respectively.

Westermost Rough is located 8km from the Holderness coast in the North Sea, and will have a capacity of 210 MW. The farm will utilise Siemens’ next-generation 6MW direct drive turbines and will be the first time that turbines of this size will be commercially deployed in the UK.

Gwynt y Môr farm is off the coast of north Wales in the Irish Sea, and is scheduled to come online later this year. The project will feature 160 turbines in water depths of 12 to 28 meters.