Wind turbines

The UK’s Green Investment Bank has been involved in significant transactions involving offshore wind power projects today (Monday).

Japanese bank Marubeni and the UK Green Investment Bank has agreed to acquire 50 per cent of the 210 MW Westernmost Rough UK offshore project from Dong Energy for £240 million (EUR 290 million).

The wind farm, which is located in the English North Sea, is currently under development. It will be co-owned by Dong, Marubeni and the GIB with the latter two committing £500 million to the project’s construction.
Wind turbines
Last month, the first foundation was installed at the project. The project’s 6 MW Siemens turbine are set for delivery in the summer, with the project expected to be commissioned in the first half of 2015.

Meanwhile, RWE Innogy entered into an agreement with the Green Investment Bank to sell 10 per cent share of Gwynt y Môr offshore wind farm.

RWE Innogy (FWB: RWE) will generate £220m of new capital as a result of the sale, which will be reinvested into other renewable energy projects within its extensive portfolio.

Dr Hans Bünting, CEO of RWE Innogy said “By continuing to open up our projects to investors, we maintain our stated objective of being a trusted partner for the transformation of the European energy system, within which the UK has a key role. Our aim is to raise additional capital for the extension of renewable energy in Europe by creating attractive investment models.”

UK Energy and Climate Change Secretary, Ed Davey, said: “The UK is number one in the world for investment in offshore wind. This news is proof of the strength of investment in British energy infrastructure – and proof that the Government’s strategy is working – supporting green jobs across the country and delivering secure energy supplies for the future.

Gwynt y Môr is a greater than £2billion offshore wind farm on schedule to become fully operational in 2014, when it will be capable of generating enough energy from renewable sources to power the equivalent of approximately 400,000 homes – around a third of the total number of homes in all of Wales.

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