Bloomberg News

U.K. Green Investment Bank Strikes Its First Offshore Wind Deal

December 20, 2012

The U.K.’s Green Investment Bank struck its first offshore wind power-funding deal, contributing to a 224 million-pound ($365 million) loan for a facility off the coast of England that’s the largest operating in the world.

Banco Santander SA, Lloyds Banking Group Plc (LLOY), Royal Bank of Scotland Group Plc and Siemens Bank GmbH are also participating in the seven-year loan, according to a joint statement today from the GIB, other lenders to the project and its owners.

The bank opened in Edinburgh Nov. 28 with 3 billion pounds of state funds to spur financing for low-carbon technology. It already announced investments in an anaerobic digestion plant in northeast England and fitting out energy-efficient buildings.

Today’s loan will refinance the purchase of 24.8 percent of the 1 billion-pound Walney facility held by Dutch pension administrator PGGM NV and Ampere Equity Fund, a renewable-energy unit managed by Triodos Bank NV’s Triodos Investment Management.

The 367-megawatt farm off Cumbria is the world’s largest offshore wind farm in operation, supplying as many as 340,000 homes a year with power. Other stakes are held by SSE Plc (SSE), with 25.1 percent, and Dong Energy A/S, with 50.1 percent.

Green Giraffe Energy Bankers advised PGGM and Ampere.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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