GIB signs deal for £1.5bn offshore wind site

  • The Green Investment Bank (GIB) yesterday unveiled its backing for a £1.5 billion wind farm off the Suffolk coast, its eighth deal to date in the offshore wind sector.
  • The joint venture has also secured £1.37bn of debt facilities from a consortium of 12 commercial banks plus the European Investment Bank (EIB), making it the UK’s first construction-ready offshore wind project finance deal.
  • Although the partners haven’t detailed how much they have each committed to the project, it is thought GIB is investing around £100 million.
  • The Edinburgh and London-based bank has joined Siemens Financial Services, Macquarie Capital and German energy group RWE Innogy as 25 per cent joint equity partners in the Galloper wind farm.
  • Construction of the 336 megaWatt (mW) wind farm will start next month with around 700 jobs created during the construction phase and up to 90 in operations and maintenance once construction is complete.