HomeWorld RegionsAsiaCameron's Japanese visit spells good news for UK renewable sector

Cameron’s Japanese visit spells good news for UK renewable sector

Japan has agreed to invest billions of pounds into British infrastructure, particularly wind power, in a boost for government efforts to attract more foreign investment into big strategic projects.

The Financial Times reports that the deal with the state-backed Japanese Bank for International Cooperation came during a visit to Tokyo by David Cameron, prime minister, on an Asian tour aimed at promoting trade and investment ties between the UK and east Asia.

Lord Green, trade minister, signed a memorandum of understanding with the JBIC to organise and subsidise finance for UK infrastructure projects, especially in green energy programmes.

The money is expected to go mainly to Britain’s ambitious plans to build big new offshore wind farms, which make up à‚£100bn of the government’s overall à‚£250bn national infrastructure plan.

Japanese companies have already shown their willingness to invest in the UK green energy sector.

Marubeni, the Japanese trading house, has purchased a 49.9 per cent stake in the Gunfleet Sands wind farm and recently acquired an offshore wind servicing company. UK officials hope the new agreement will help speed up other such deals.

For more renewable energy news