It’s latest investment announced earlier this week was for £236 million in Eon’s £1.3 billion Rampion windfarm, hailed by Eon chief executive Tony Cocker as the largest capital infrastructure project in the UK this year.
But for the GIB its one of many large-scale investments.
Here are five of GIB’s top green energy investments since the bank opened for business in 2012:
£461 million: Westermost Rough and Gwynt y Mor windfarms
In March 2014, GIB announced that it would commit £461 million to two offshore windfarms under construction.
The company partnered with Japan’s Marubeni Corporation to buy a 50 per cent stake in the 210MW Westermost Rough array from Dong Energy. GIB contributed £241 million to the transaction, worth around half a billion pounds in total.
The company also bought a 10 per cent stake in RWE Innogy’s 576MW Gwynt y Mor windfarm for £220 million.
Maf Smith of Renewable UK said: “It’s great to see the Green Investment Bank moving in at an earlier stage of offshore wind development. Offshore wind requires a lot of capital up front, so investment at an earlier stage helps industry manage risk which in turn will help deliver cost savings to this sector.”
£240 million: Sherringham offshore windfarm
In November 2014, GIB took a 20 per cent stake in the Sherringham Shoal offshore windfarm for £240 million.
GIB chief executive Shaun Kingsbury said it was an “important investment for the UK offshore wind sector in two respects”.
“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,” he said. “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,” he said.
£236 million: Rampion windfarm
On 18 May, Eon announced it would push ahead with its plans for its 400MW Rampion offshore wind farm off the West Sussex coast with help from £236 million funding from the GIB.
Eon chief executive Tony Cocker said that its latest investment decision in the “strategically important” project could be the largest capital infrastructure project in the UK this year. It is the first to be built in the South of England will also be the first to move ahead under the third planning round.
£200 million: community-scale renewable projects
In the same month, GIB supported the community renewable sector with £200 million funding, after gaining approval for an expansion of its plans from the European Commission.
The company set up the fund in partnership with global investment firm KKR, with both contributing £100 million to the scheme managed by investment manager Temporis Capital.
Kingsbury said: “Many well-structured community-scale projects have not been able to get off the ground because of a lack of long-term finance in the market.”
“These small-scale projects can make a meaningful contribution to the UK’s green economy.”
£100 million: Drax conversion to biomass
In December 2012, Drax secured £100 million from GIB to support a switch to biomass from coal.
Kinsbury said: “Sustainably sourced biomass is a key form of renewable energy supported by UK government policy and will play an essential role in the UK’s transition to a low carbon economy. This financing not only supports Drax in reducing future greenhouse gas emissions but also accelerates the UK’s transition to a green economy.”