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UK’s Green Investment Bank Nearing £1 Billion Funding For Offshore Wind

The United Kingdom’s Green Investment Bank’s Offshore Wind Fund is nearing the £1 billion mark, after the latest round of funding.

According to the UK’s Green Investment Bank Financial Services (GIBFS), the organization’s offshore wind fund currently stands at £818 million, following a Second Close on new commitments worth £355 million, bringing it one step closer to its targeted £1 billion, and making it the largest renewable energy fund in the UK.

The Second Close included investors such as Swedish life insurance and pension company AMF Pensionsförsäkring AB (AMF) and Strathclyde Pension Fund, which are both making their first investments into the UK offshore wind energy sector, and join UK-based pension funds, a major (unnamed) sovereign wealth fund, and the UK Green Investment Bank plc (which earlier this year closed funding of £463 million).

“We created the Offshore Wind Fund to provide investors like pension funds, insurance companies and other asset managers with access to a team of market-leading industry experts,” said Shaun Kingsbury, Executive Chairman of the Board, UK Green Investment Bank Financial Services Limited, and Chief Executive of the UK Green Investment Bank plc. “We are delighted to be working with investors of the caliber of AMF and Strathclyde Pension Fund, each of whom are leading the way in their recognition of the business value of investments in green infrastructure. This is a great way to put infrastructure money to work in the UK, the world’s leading market for offshore wind.”

The Offshore Wind Fund is the world’s first fund dedicated solely to offshore wind, and is set to provide investors from around the world an easy and safe road to investing in the UK’s offshore wind industry.

“Offshore wind has been a UK success story and I welcome this long-term, private sector involvement in what is now the largest renewable energy fund in the UK,” said Amber Rudd, the UK’s Energy and Climate Change Secretary. “This demonstrates how we are open for business and the best place in the world to invest in offshore wind.”

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