Offshore wind

UK Green Investment Bank welcomes Siemens’ announcement

25 Mar 2014



The UK Green Investment Bank (GIB) has welcomed Siemens' announcement this morning that they plan to build an offshore wind manufacturing site in Yorkshire.

GIB Chief Executive, Shaun Kingsbury said:

"This is an important milestone in the development of the UK's wind industry. The UK has some of the best conditions in the world for wind power, the global hub for green finance expertise and is one of the world's most stable and attractive investment locations. Today's announcement from Siemens is further evidence of the very direct and real benefits that the industry can bring to the UK's economy and communities.

"The UK's wind industry, although young, is maturing quickly. It has a key role to play in supporting the UK's economic growth as well as its future energy needs. Today's announcement is another step towards realising the industry's full potential."

Since its launch in November 2012, GIB has invested in 23 projects both directly, and indirectly through five dedicated funds. It has directly committed £842m, which will mobilise a total of £3.5bn when fully deployed.

Offshore wind is a priority investment sector for GIB. It has invested in three operational wind farms to date - Walney, Rhyl Flats and London Array.


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Notes to editors

The UK Green Investment Bank was launched in November 2012.  With £3.8 billion of funding from the UK Government, it is the first bank of its kind in the world.  It is a "for profit" bank, whose mission is to accelerate the UK's transition to a greener economy, and to create an enduring institution, operating independently of Government.