Making the commitment in its annual results, the GIB stated offshore wind makes a “compelling opportunity” and is targeting its first close on an offshore wind project by the end of 2014.
The 2013-14 results also revealed that the GIB had committed £668m to 18 green energy projects, alongside an additional £1.9 billion of private money.
The GIB’s portfolio of 26 developments, once built, will have a capacity of 12.8TWh and is projected to earn taxpayers an average return of 8 per cent per annum.
Since it’s inception in 2012, the GIB has committed £1.3 billion, and the majority of its investments (88 per cent by value) remain in construction.
The bank recorded an operating loss of £5.7 million in 2013-14, down from a loss of £6.2m in its first five months of operation.
The GIB stated it is “on track to reach sustained profitability” once its current portfolio of developments has been built and is operational.
Lord Smith of Kelvin, chair of the GIB, said: “We have emerged from our start-up phase as the most active investor in the UK’s green economy.
“2013-14 was a good year for GIB in a difficult market – we backed 18 new projects, more than double our first year, committing an additional £668 million of capital.”
Shaun Kingsbury, GIB chief executive, added: “We are making a difference across the UK by taking on the tough projects, de-risking new technologies and lowering the cost of capital for our sectors.
“We want to do more to maximise our green impact.
“We plan to extend our reach into new markets like community-scale renewables.
“And we plan to raise new capital for the first time through the creation of a new £1 billion fund for operating offshore wind assets.”
Business secretary Vince Cable said: “GIB’s plans for a dedicated offshore wind fund are a real boost for our industrial strategy in a sector where we have a strong competitive advantage compared to other countries.”