Green bank invests £240m in Sheringham Shoal
- Credit: IAN BURT
The government's Green Investment Bank (GIB) has invested £240m in north Norfolk offshore wind farm, the Sheringham Shoal.
The GIB has bought a 20pc stake from owners Statkraft and Statoil in Scira Offshore Energy Limited.
The investment is part of a wider strategy to strengthen the UK offshore wind sector by allowing developers to recycle capital into new projects and by attracting new investors into the sector.
The bank will eventually transfer its stake in the Sheringham Shoal offshore wind farm to the proposed GIB Operating Offshore Wind Fund as a seed asset.
Shaun Kingsbury, chief executive of the UK Green Investment Bank, said: 'This is 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.
- 1 Fury at bikers' who rode over dead seal pup
- 2 Bid to build 70-bed care home and 24 affordable houses
- 3 Your say: How would you improve Holt?
- 4 German filmmaker's 'love letter to Britain' features famous Norfolk show
- 5 'I'd throw a massive street party' - Q&A with Tracey Ringwood
- 6 Where and when you can park for free in north Norfolk this Christmas
- 7 Delving into north Norfolk's rich railway history with the U3A
- 8 Amelia Reynolds: 'I've learned to live a bit more in the present - enjoy the right now'
- 9 What's in a Broad? Delving beneath the surface of Norfolk's wonderful waterways
- 10 School closed its doors for three days after Covid outbreak
'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.'