We have invested £1.6bn in the UK’s offshore wind sector, backing nine projects with a total capacity of c. 3.2GW of renewable power. We invest directly in projects in the construction phase and in operational offshore wind farms. By investing on fully commercial terms we create a demonstration effect that other investors can follow.
The UK is an attractive location for investment in offshore wind. The combination of natural resources (strong and consistent wind), favourable locations for turbines, a stable 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.
We have pursued a dual strategy of financing construction projects to help the UK offshore wind development pipeline and financing operational projects to free up developers’ capital to re-invest in the green infrastructure sector.
In pursuit of this strategy we have invested in nine offshore wind projects – Lincs, Galloper, Rampion, Sheringham Shoal, Westermost Rough, Gwynt y Môr, Rhyl Flats, London Array and Walney.
In addition to our own investments in the UK’s offshore wind market, we have established a fund, the UK Green Investment Group Offshore Wind Fund and managed co-investment entities (the Fund), through its wholly owned subsidiary UK Green Investment Group Financial Services Limited (GIBFS), to invest in operating offshore wind farms in the UK. The Fund is the first in the world to be dedicated solely to investments in offshore wind power generation and is the largest renewable energy fund in Europe. The Fund’s portfolio now consists of six assets with a total capacity of 1.45GW, forecast to result in the avoidance of almost 2 million tonnes of greenhouse gas emissions each year.
Offshore wind contacts
Mark is an origination and transaction Managing Director in the Offshore Wind team, responsible for leading all aspects of debt and equity transactions. Mark was previously with Bank of Scotland/HBOS/Lloyds for 18 years and prior to joining GIG, as head of project finance at renewables advisory house Augusta & Co. He has experience across the capital spectrum with substantial experience in project finance across Oil & Gas, traditional energy power stations and specialised in financing/investing in renewable energy projects from 2003 (over 4,000MW).
Senior Vice President
Senior Vice President
Paul is responsible for originating, structuring, appraising, presenting and documenting new business opportunities in the offshore wind sector.
Previously he was a member of the structured finance energy team at Lloyds Banking Group for over eight years. At Lloyds Banking Group, Paul was responsible for originating, structuring and arranging limited recourse financings across all elements of the energy value chain including conventional / renewable power generation, LNG liquefaction / regasification and transmission / distribution of electricity, gas and water in UK, continental Europe and the Middle East.
Paul has an honours degree in Finance from the University of Strathclyde in Glasgow.