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United Kingdom

GIB commits EUR 117 million to UK offshore

UK: In its first five months of trading, the UK Green Investment Bank (GIB) has committed 16.2% of £635 million (EUR 735 million) in transactions to offshore wind deals.

The UK's Walney offshore wind farm was a GIB beneficiary
The UK's Walney offshore wind farm was a GIB beneficiary

During the five months to 31 March 2013, offshore wind received less of the GIB’s funds than other priority sectors. This could change if a recently announced memorandum of understanding between the bank and Abu Dhabi clean energy firm Masdar leads to further deals to fund UK offshore wind projects.

Compared with the £103 million spent on offshore wind, the GIB committed £257 million to waste infrastructure projects, £150 million to non-domestic energy efficiency, and £125 million to domestic energy efficiency.

The GIB’s two offshore wind transactions to date have been a £46 million contribution to a debt refinancing deal for the Walney project and £57 million for a quarter stake in Rhyl Flats.

Commenting on the GIB’s achievements so far, chief executive Shaun Kingsbury said: "We are essentially a start-up and have a long road ahead of us as we build an enduring bank, but we’ve hit the ground running. Our mission goes beyond simply investing our own funds; our job is to crowd-in money from other sources. I’m really pleased that we’ve managed to bring in almost £3 of private funding for every £1 we have committed."

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