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GREEN INVESTMENT BANK UPDATE BACKGROUND
Our diverse and experienced team of multi-disciplinary consultants includes EIA consultants, project managers, ecologists, ornithologists, noise consultants, planners, hydrologists and GIS
specialists.Together we provide expert technical, environmental and planning support to utilities, developers, industry, communities and the public sector throughout the entire project life-cycle from feasibility to implementation.
www.atmosconsulting.com | 0131 346 9100
SPOTLIGHT ON SCOTLAND IN DEPTH FEATURE SPRING 2015
To get involved contact: 01765 644224
carly@greenenergypublishing.co.uk
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GIB, with bases in both Edinburgh & London, was created by the UK Government, which has committed an initial £3.8bn of public funds. This finance is used to back green projects on commercial terms and mobilise other private sector capital into the UK’s green economy.
OFFSHORE WIND In offshore wind £624m has been invested directly in debt or equity across 5 projects. GIB’s approach is to pursue a two part strategy for the development of the UK’s offshore wind sector…
• Firstly the aim is to encourage 'capital recycling' at the operational phase to stimulate a liquid market for operational assets
• Secondly to reach long term targets, the industry needs support at the construction phase and GIB is seeking to attract long term institutional capital to co-invest in construction assets
WESTERMOST ROUGH LIMITED – FIRST CONSTRUCTION PHASE INVESTMENT
The most recent transaction, GIB made its first construction phase investment in an offshore wind project. Investing £241m alongside Marubeni Corporation to purchase jointly a 50% stake in DONG Energy’s 210MW Westermost Rough offshore wind farm, located off the coast of Yorkshire.
SIEMENS 6 MW DIRECT DRIVE TURBINES In addition to this being the first time that GIB has taken construction risk in an offshore wind investment, the project also marks the first commercial deployment of the next generation Siemens 6 MW direct drive turbines in the UK.
This is an important development in reducing the construction and operation costs of offshore wind and thus lowering the cost of electricity from renewable energy generation.
NEW TURBINE TECHNOLOGY
This approach aims to provide a demonstration effect to the market, especially around the use of new turbine technology. The transaction will also free up capital from DONG Energy to allow it to reinvest in future projects.
Helping early stage developers to recycle their capital is critical for the continued growth of the UK’s offshore wind sector. DONG Energy has a series of projects under construction and new projects in the pipeline in the UK.
Once operational, Westermost Rough will generate over 800 GWh per annum of carbon-free electricity, equivalent to the consumption of c. 200,000 homes, a city the size of Edinburgh.
UK Green Investment Bank (‘GIB’)
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www.windenergynetwork.co.uk
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