Green Investment Bank makes first offshore wind investment

Rhyl Flats
The UK Green Investment Bank (GIB) has confirmed its first direct equity investment in offshore wind today, having acquired a 24.95 percent stake in Rhyl Flats Wind Farm Ltd for £57.5m.

Rhyl Flats wind farm is located 8km off the North Wales coast and consists of 25 Siemens 3.6MW turbines with a total capacity of 90MW. It has been operational since 2010.

Commenting on the landmark acquisition, Shaun Kingsbury, ceo of GIB, said: “The UK Green Investment Bank is delighted to announce this important investment in the UK offshore wind sector, which is a priority sector for us.

“Rhyl Flats was an ideal investment for us as its helps to develop the market for buying and selling operating offshore wind assets, allowing the release of capital back to the original developers (RWE), 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.”