Delivering value in the UK's offshore wind market

The UK Green Investment Bank Offshore Wind Fund, together with managed co-investment entities (the Fund), is the world's first dedicated offshore wind fund and Europe’s largest dedicated renewable energy fund, with assets under management of £1.12bn.

The combination of natural resources (strong and consistent wind), favourable locations for turbines, a robust regulatory regime and a well-established and experienced industry has helped the UK secure its position as one of the global leaders in the development of offshore wind.

In addition to our own investments in the UK’s offshore wind market, the UK Green Investment Bank established a fund, through its wholly owned subsidiary UK Green Investment Bank Financial Services Limited (GIBFS), to invest in operating offshore wind farms in the UK.

Attracting new capital and creating a liquid market for operating assets is crucial to the continued growth of the sector and will also help to reduce the long-term cost of finance. New investors also allow the original developers to sell down their stakes and use the proceeds to finance new projects.

The Fund was successful in attracting new and different investors to offshore wind. Investors in the Fund include a number of UK-based pension funds as well as international institutional investors, including one of the world’s largest sovereign wealth funds and a leading European life and pension company.

The Fund’s portfolio consists of interests in six operational wind farms, namely Sheringham Shoal, a 317 MW offshore wind farm located off the North Norfolk coast; Rhyl Flats and Gwynt y Môr offshore wind farms, both located off the coast of North Wales with total capacities of 90 MW and 576 MW respectively; Lynn and Inner Dowsing wind farms, two adjacent operational wind farms with an aggregate installed capacity of 194 MW; and Lincs, a 270 MW wind farm located 5km off the Lincolnshire coast alongside Lynn and Inner Dowsing.

Collectively these projects have a capacity of 1.45GW producing over 4,500 GWh renewable electricity each year, resulting in the avoidance of almost 2 million tonnes of greenhouse gas emissions annually.

The UK Green Investment Bank Offshore Wind Fund and managed co-investment entities are managed by GIBFS. GIBFS is authorised and regulated by the Financial Conduct Authority. GIBFS’s Pillar 3 Disclosure document is available to download below.

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Karl Smith

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Karl Smith

Fund Managing Director

Alexis Ulens

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Alexis Ulens

Fund Director