GIB invests £56.8m in London Array

GIB has been set up by the government to provide financial solutions to accelerate private sector investment in the green economy.

Its investment will refinance a significant portion of Masdar’s 20% equity stake in the project.

Masdar will use the capital released from this refinancing to reinvest in the UK offshore wind sector. The total investment is £266m.

GIB’s investment in London Array is its third investment in offshore wind operating assets. Its strategy is designed to demonstrate the attractiveness of investments in operating assets to domestic and international investors with the aim of bringing in new capital. It also aims to release capital back into the development and construction phase of new projects.

GIB’s other investments in offshore wind to date are Walney and Rhyl Flats, taking its total UK investment to £162m.

London Array is a 630MW operational windfarm off the coast of Kent, England. Over its lifetime, it is expected to save 8.5m tonnes of CO2 emissions.