The UK Green Investment Bank (GIB) are looking for co-investors to help raise £1 billion towards offshore wind farm projects in Britain. The bank received criticism when they revealed a £5.7m headline loss but Chief executive Shan Kingsbury said this was “somewhat misleading” because a number of projects are still under construction.
The Scotland-based bank was set up in 2012 and has committed a total of £1.3 billion to projects already. GIB announced 24 June 2014 that it was launching a fund for long-term investors to purchase equity stakes in already-operational offshore wind farm projects. This approach will encourage investors to buy shares in renewable energy projects that have previously been considered too risky. GIB want to do more to maximise their green impact and plan to extend their reach into new markets like community-scale renewables.
Community owned renewable energy projects can mean people benefiting in real and financial terms from the provision of their own energy. Allowing communities to generate their own energy is a better option than subsidising unsustainable fuel consumption. This is certainly a step in the right direction and we look forward to hearing more about GIB’s community based renewable energy projects.