The Galloper Offshore Wind Farm will receive financial backing from the UK Green Investment Bank (GIB), Siemens Financial Services and Macquarie Capital, who join RWE Innogy in becoming 25% joint equity partners in the 336MW scheme.
The project’s go ahead is set to create around 700 jobs during construction and around 90 jobs once operational.
As part of the overall partnership agreement, Siemens will supply and install 56 six-megawatt turbines and deliver a 15-year maintenance contract.
The Galloper project, which will be located close to its existing sister project Greater Gabbard off the Suffolk coast, was awarded development rights by The Crown Estate in May 2010 and will commence operations by March 2018.
Hans Bünting, CEO of RWE Innogy said: “Today’s announcement is the culmination of many months of successful negotiations with our partners and investors and shows that the UK is still a strong market for offshore renewables. Siemens, as well as becoming a project partner will also, through their technical division, support key aspects of the project including turbines, turbine installation and maintenance support. We welcome GIB, with their experience of supporting renewables ventures and their substantial knowledge of offshore wind financing.”
Ed Northam, head of investment banking at the government-backed UK Green Investment Bank, said: “This is another significant milestone in the development of the UK offshore wind industry in a year that has already seen two major projects come online and construction commence on another. It is the second investment in offshore wind that GIB has made at FID in the space of six months, demonstrating the role that we continue to play in making sure that complex but important green infrastructure projects can proceed.”