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Japan signs funding MOU for UK wind projects

JAPAN: Japan's state-backed Japanese Bank for International Co-operation (JBIC) has signed a deal to fund UK infrastructure projects with the bulk of the money going to offshore wind energy.

UK prime minister David Cameron
UK prime minister David Cameron

According the Financial Times, the deal will see Japan put "billions of pounds" into UK infrastructure. The deal comes as UK prime minister David Cameron tours the country.

Trade minister Lord Green said a memorandum of understanding had been signed with the bank. It is the first deal since the JBIC's remit was expanded to include developed economies.

In terms of wind power, the UK needs to fund its ambitious 33GW Round 3 offshore programme.The UK is seeking to generate 21% of electricity requirements from wind by 2020.

However, with only 6GW currently in place, the UK will need to double its installation rate to hit its 2020 low-carbon target of 28GW installed capacity.

Previously, the JBIC has funded wind projects in Bulgaria, Mexico and Brazil.

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