The UK Green Investment Bank (GIB) has bought a £236m stake in a joint venture with E.ON to build and own the Rampion offshore wind farm.

The state-owned bank announced its participation in the project, which is set to receive £1.3bn of funding in total, and will continue to be partly owned by E.ON following construction.
Tony Cocker
Around 300 jobs will be created during the anticipated three-year construction of the project, while up to 65 full-time employees will be taken on once the wind farm has been commissioned.

According to GIB, the development will be capable of powering around 300,000 homes.

Tony Cocker, E.On’s UK chief executive, said that the £1.3bn investment “could be one of the biggest capital projects confirmed in Britain this year”. He added: “This is an important milestone for what is a strategically important project for the UK.”

The Rampion development marks the seventh offshore wind sector investment the GIB has made since it was created in 2012. The bank said yesterday that once all seven of the projects are operational, they will provide enough energy to power more than 2m homes.