RWE Innogy’s Galloper offshore wind farm has been given the green light thanks to its new backers.
The construction of the £1.5 billion wind farm off the coast of Suffolk will proceed in November with almost 800 jobs created after they found three new partners to back the scheme.
Last year, the future of the Galloper wind farm was put in doubt after energy company SSE pulled out of the project because of the cost and the subsidy scheme, while the remaining partner, RWE Innogy, stopped the work.
However, on Friday, RWE Innogy announced that Siemens Financial Services along with the investment and financial services group Macquarie Capital, in conjunction with the UK government’s Green Investment Bank, had become joint 25% equity partners.
Offshore wind is one of the few UK renewable energy sectors that has come out unscathed from the latest cuts to onshore wind and solar power subsidies.
Galloper is due to become operational in March 2018 and will be one of the biggest offshore wind farms in British waters, with a 336 megawatt capacity, which is enough to power 336,000 homes.
The announcement comes after Dong Energy confirmed last week that it was to process with the wind farm extension in the Irish Sea that will make it the biggest in the world.
The RenewableUK trade body said that the two projects together will mean that there is 10 gigawatts of offshore wind capacity built, under construction or with financing secured in Britain, double the current operational capacity of 5GW.
RWE Innogy CEO, Hans Bunting, commented: “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.”
Previously, the company had warned that political uncertainty and policy changes have put the technology at risk in the UK.