EON Joins With Green Bank to Invest $2 Billion in U.K. Wind Farm

(Bloomberg) — EON SE teamed up with the U.K. Green
Investment Bank to invest 1.9 billion euros ($2 billion) in a
wind farm off Britain, the world’s largest marine wind market.

The partners will finance construction of the Rampion wind
farm off Brighton in southern England, they said Monday in
separate statements. The 400-megawatt development will generate
enough electricity to power 300,000 homes.

Offshore wind in the U.K. is set to gain from a government
pledge to cut subsidies to new projects on land amid concerns
they’re a blight on the landscape. Dusseldorf, Germany-based
EON, which already operates more than 20 British wind farms, is
focusing on renewable energy as it spins off fossil-fuel plants
into a separate company.

The Green Investment Bank acquired a 327 million-euro stake
in the Rampion project, due to start operating in September
2018, it said. EON will own the remaining shares.

“This investment by EON and our partners at the U.K. Green
Investment Bank could be one of the biggest capital projects
confirmed in Britain this year,” Tony Cocker, chief executive
officer of the utility’s U.K. unit, said in the statement.

The bank in April raised 463 million pounds for its planned
1 billion-pound offshore-wind fund. It’s continuing to raise
funds to support about five to eight projects.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Amanda Jordan

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