Green bank invests £240m in Sheringham Shoal

One of the substations at the Sheringham Shoal Offshore Wind Farm. Picture: Ian Burt

One of the substations at the Sheringham Shoal Offshore Wind Farm. Picture: Ian Burt - Credit: IAN BURT

The government's Green Investment Bank (GIB) has invested £240m in north Norfolk offshore wind farm, the Sheringham Shoal.

The GIB has bought a 20pc stake from owners Statkraft and Statoil in Scira Offshore Energy Limited.

The investment is part of a wider strategy to strengthen the UK offshore wind sector by allowing developers to recycle capital into new projects and by attracting new investors into the sector.

The bank will eventually transfer its stake in the Sheringham Shoal offshore wind farm to the proposed GIB Operating Offshore Wind Fund as a seed asset.

Shaun Kingsbury, chief executive of the UK Green Investment Bank, said: 'This is an important investment for the UK offshore wind sector in two respects.


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'Firstly, it allows two

strategically important investors, Statkraft and Statoil, to take part of their investment in an operating project and reinvest it in other projects.

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'Secondly, 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 UK.'

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