Commenting on the intermediate close of the Green Investment Bank’s Offshore Wind Fund, Andrew Jamieson, CEO of the Offshore Renewable Energy Catapult, said:
“This is excellent news that reinforces the UK’s primary role in the development of an offshore renewable energy industry that will be a huge economic boon to the UK’s economy in the decades to come.
“The readiness of the international investment community – and the more risk averse pension funds in particular – to invest in the Green Investment Bank’s Offshore Wind Fund is testament to industry’s concerted efforts to reduce risk and lower costs on the journey to parity with fossil fuel generation.”
Ends
Notes to Editors
Memorandum of Understanding between UK’s Green Investment Bank and ORE Catapult
The Green Investment Bank and the Offshore Renewable Energy (ORE) Catapult have a three year agreement to work together to drive investment into offshore renewable energy through greater understanding and management of the associated risks, reducing the cost of energy from offshore renewables.
The Memorandum of Understanding sets out how the two organisations will bring their areas of expertise to bear on lowering the levelised cost of energy (LCOE) and identifies areas on which they will initially work together, each aimed at addressing specific perceived risks in investment in offshore renewable projects.