Gwynt y Mor

GIB said it was putting a £241m to buy a 50% share in the Westermost Rough offshore wind farm from DONG Energy, while the bank will also acquire a 10% stake in the Gwynt y Môr offshore wind farm from RWE Innogy for £220m.

Currently, the Westermost Rough project is in the early stages of construction off the coast of Yorkshire. The project will use Siemens’ next generation 6MW direct drive turbines.

The proceeds of both sales are expected to be reinvested back into UK’s renewable energy projects.

Gwynt y Môr, a major offshore project under construction in Europe, will produce over 1,700GWh of net renewable power annually.

GIB chief executive Shaun Kingsbury said, "The UK has ambitious plans to build on its position as a world leader in offshore wind.

"We have two roles to play in supporting those plans. Firstly, to directly invest to help developers recycle their capital into the next wave of new renewable energy projects.

"Secondly, to invest on fully commercial terms to create a demonstration effect which others will follow."

Image: Offshore wind farm Gwynt y Môr. Photo: RWE.