U.K. Green Bank Buys $378 Million Offshore Wind StakeLouise Downing
The U.K. Green Investment Bank bought a 240 million-pound ($378 million) stake in a wind farm off Britain’s east coast from Statoil ASA and Statkraft AS.
The bank acquired 20 percent of the 317-megawatt Sheringham Shoal wind farm, it said today. The sea-based project off the Norfolk coast has been running for two years and provides enough electricity annually to power as many as 220,000 homes.
The transaction enables Statkraft and Statoil to take part of their investment in the project and re-invest it elsewhere, Shaun Kingsbury, chief executive of the Edinburgh-based bank said in the statement. “We intend, in time, to transfer the asset to our proposed operating offshore wind fund, which is intended to attract new investors and new capital to the U.K.”