More than £460 million has been raised for the world’s first dedicated offshore wind fund to invest in wind farms off the UK’s coasts.
The UK Green Investment Bank said £463 million in capital had been committed by investors including UK pension funds and a sovereign wealth fund in the first stage of fundraising for a planned £1 billion fund to invest in offshore wind farms.
The Government-backed bank is also investing £200 million in the fund, which is managed by its subsidiary the UK Green Investment Bank Financial Services Ltd, and said that with fundraising continuing it expected to meet the £1 billion target.
It has transferred its investments in two existing offshore wind farms into the fund, which will give investors an immediate cash yield.
An offshore wind project which could support up to 900 jobs and millions of pounds of investment has been given the go-ahead.
The Dogger Bank Creyke Beck A and B wind project will include up to 400 wind turbines around 130 kilometre off the coast of the East Riding of Yorkshire.
With a maximum capacity of 2400MW it will generate enough electricity to power almost two million homes once built.
The Supreme Court will deliver its verdict on a controversial windfarm on Shetland on Monday.
Sustainable Shetland is fighting a decision by Scottish Ministers to approve the 103 turbine Viking windfarm.
The long-running legal wrangle began when Sustainable Shetland brought a judicial review against the Scottish government’s decision in April 2012 to grant consent for the windfarm, which is jointly-owned by Shetland Charitable Trust, Scottish Southern Energy and four local businessmen.
The coalition’s industrial strategy is little more than “economic tinkering“ that will fail to tackle the trade deficit, according to a report.
Vince Cable’s plans lack ambition and will not tackle the structural problems in Britain’s economy, think tank Civitas claimed.
It accused the Business Secretary of setting objectives that are too easy to achieve and failing to address the problems that need to be solved to make Britain’s recovery export-led.
WHENEVER I see the words "jobs joy" in a headline, I skip the first six paragraphs in order to search for the nitty-gritty. Does the project exist or is it proposed? Therein sits a crucial world of difference.