The Green Investment bank has purchased a 24.95% stake in the Rhyl flats wind energy farm for £57.5m from German power company RWE, Energy Live News reports. This is the first investment the lending body has made in wind energy and the aim is to free up funds for the wind farm's owner to set up future projects.
The farm has been operating since March 2010 and is situated 8 km off the north Welsh coast containing 25 Siemens turbines which stand in waters which are 8 metres deep on average. The Chief executive of the UK Green Investment Bank, Shaun Kingsbury claims "Rhyl Flats was an ideal investment for us as it helps to develop the market for buying and selling operating offshore wind assets, allowing the release of capital back to the original developers, which will be invested in new renewable projects in the UK."
The aim of the Green Investment Bank is to generate a higher percentage of energy from renewable sources by 2020 and significantly reduce the United Kingdom's carbon emissions. The United Kingdom are legally committed to reduce carbon emissions by 2050 as a result of passing the Climate change act 2008, emissions must be at least 80% lower than the 1990 baseline in order to avoid dangerous climate changes.