The government-backed Green Investment Bank (GIB) has completed its first direct investment in the offshore wind sector with the £57.5 million purchase of a stake in a Welsh windfarm.
The Edinburgh-based GIB has bought the 24.95 per cent stake in the Rhyl Flats wind farm, about five miles off the north Wales coast, from German firm RWE.
Greencoat UK Wind, which floated on the London Stock Exchange today, has bought a further 24.95 per cent interest in the farm, which has been operational since March 2010 and consists of 25 turbines with a total capacity of 90 megawatts
GIB chief executive Shaun Kinsgbury said: “Rhyl Flats was an ideal investment for us as it helps to develop the market for buying and selling operating offshore wind assets, allowing the release of capital back to the original developers, which will be invested in new renewable projects in the UK.
“At the same time as developing a market, this investment will deliver a commercial return to the bank.”