The move comes in response to the growing offshore wind industry, which requires new investments in operating assets and new developments.
The proposed fund will be managed by GIB subsidiary which is currently regulated by the Financial Conduct Authority (FCA).
GIB Business secretary Vince Cable said that GIB’s plans for a dedicated offshore wind fund are a real boost for the Bank’s industrial strategy in a sector where it has a strong competitive advantage compared to other countries.
"There are great opportunities for British companies and the industry has the potential to create 30,000 jobs for the UK," added Cable.
Currently, the UK’s offshore wind sector has 3.6GW of installed capacity, 1.4GW in construction and several other projects in the pipeline.
To date, GIB has offered £1.3bn to green infrastructure projects, besides an additional £3.5bn from private investors.
