The UK’s Green Investment Bank (GIB) has announced that it will acquire a stake worth £236 million (€332 million; $370 million) in the 400-megawatt (MW) Rampion Offshore Wind Farm.
The investment is part of a joint venture with German utility E.ON to construct and own the wind farm, which will be located 13 kilometres off the coast of Brighton on England’s south coast.
The project will now commence construction and, when complete, is expected to generate 1,333 gigawatt hours (GWh) of renewable energy per year – enough to power approximately 300,000 homes.
E.ON is the world’s third-largest offshore wind operator, having completed the construction of seven farms totalling 1.2GW with another 507 megawatts (MW) under construction.
For GIB, Rampion represents its seventh investment in the UK’s offshore wind sector. Once all its projects are operational, they will provide over 2,500MW of renewable electricity generation capacity.
Last month, GIB subsidiary UK Green Investment Bank Financial Services announced it had reached a £463 million first close on the world’s first offshore wind fund. GIB contributed £200 million to the first close with a “major sovereign wealth fund” and a group of UK-based pension funds committing the rest.
The 25-year fund is targeting a £1 billion final close and has a hard cap of £1.5 billion.