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Released May 21, 2015 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Construction is to begin on an offshore windfarm, capable of powering about 300,000 homes, after developer E.ON (XETRA:EOAN) (Düsseldorf, Germany) struck a financial deal with the U.K. Green Investment Bank.
E.ON announced it will proceed with the £1.3 billion ($2 billion) Rampion offshore windfarm after the Green Investment Bank agreed to invest £236 million ($266 million) for a stake in the project. This is bank's seventh investment in the U.K.'s offshore wind sector. When operational, the windfarms will collectively generate more than 2,500 megawatts (MW) of renewable electricity, enough to power more than 2 million homes.
Rampion offshore windfarm, with a total generating capacity of 400 MW, will be the first windfarm off the southern coast of England, located 13 kilometers off the Sussex coast. Construction of the onshore substation in Twineham is planned to begin in June, with preparation works for the onshore cable route beginning later in the summer. Offshore construction will commence in early 2016, with commissioning expected in 2018.
The U.K. government launched the unique Green Investment Bank in late 2012, with a budget of £3.8 billion ($5.9 billion) to invest in renewable energy projects. Offshore wind was placed at the top of the bank's priority list. For additional information, see June 28, 2012, article - U.K. Green Investment Bank to Back Offshore Wind.
Amber Rudd, the U.K.'s new secretary of state for energy and climate change, said: "This huge investment is a vote of confidence in the U.K., creating local jobs, bringing business opportunities and providing clean, home-grown energy. The U.K. is the best place in the world to invest in offshore wind, thanks to the certainty the government is able to provide to attract private finance in partnership with the Green Investment Bank."
Shaun Kingsbury, the chief executive of the U.K. Green Investment Bank, added: "Our investment gives the developer the confidence to begin construction on this important offshore wind project, boosting U.K. energy supply and generating enough power annually for around three hundred thousand homes."
E.ON received permission for a larger version of the project of up to 700 MW in July 2014, consisting of between 100 and 175 turbines. However, in November Industrial Info reported the company had decided to scale back the project to 400 MW, consisting of 116 Vestas V112-3.45 MW wind turbines spread across a 72-square-kilometer zone. For additional information, see November 26, 2014, article - E.ON Shrinks Rampion Offshore Windfarm.
"This is an important milestone for what is a strategically important project for the U.K.," said Tony Cocker, U.K. chief executive for E.ON. "At around £1.3 billion, this investment by E.ON and our partners at the U.K. Green Investment Bank could be one of the biggest capital projects confirmed in Britain this year."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
E.ON announced it will proceed with the £1.3 billion ($2 billion) Rampion offshore windfarm after the Green Investment Bank agreed to invest £236 million ($266 million) for a stake in the project. This is bank's seventh investment in the U.K.'s offshore wind sector. When operational, the windfarms will collectively generate more than 2,500 megawatts (MW) of renewable electricity, enough to power more than 2 million homes.
Rampion offshore windfarm, with a total generating capacity of 400 MW, will be the first windfarm off the southern coast of England, located 13 kilometers off the Sussex coast. Construction of the onshore substation in Twineham is planned to begin in June, with preparation works for the onshore cable route beginning later in the summer. Offshore construction will commence in early 2016, with commissioning expected in 2018.
The U.K. government launched the unique Green Investment Bank in late 2012, with a budget of £3.8 billion ($5.9 billion) to invest in renewable energy projects. Offshore wind was placed at the top of the bank's priority list. For additional information, see June 28, 2012, article - U.K. Green Investment Bank to Back Offshore Wind.
Amber Rudd, the U.K.'s new secretary of state for energy and climate change, said: "This huge investment is a vote of confidence in the U.K., creating local jobs, bringing business opportunities and providing clean, home-grown energy. The U.K. is the best place in the world to invest in offshore wind, thanks to the certainty the government is able to provide to attract private finance in partnership with the Green Investment Bank."
Shaun Kingsbury, the chief executive of the U.K. Green Investment Bank, added: "Our investment gives the developer the confidence to begin construction on this important offshore wind project, boosting U.K. energy supply and generating enough power annually for around three hundred thousand homes."
E.ON received permission for a larger version of the project of up to 700 MW in July 2014, consisting of between 100 and 175 turbines. However, in November Industrial Info reported the company had decided to scale back the project to 400 MW, consisting of 116 Vestas V112-3.45 MW wind turbines spread across a 72-square-kilometer zone. For additional information, see November 26, 2014, article - E.ON Shrinks Rampion Offshore Windfarm.
"This is an important milestone for what is a strategically important project for the U.K.," said Tony Cocker, U.K. chief executive for E.ON. "At around £1.3 billion, this investment by E.ON and our partners at the U.K. Green Investment Bank could be one of the biggest capital projects confirmed in Britain this year."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
