RWE will start building the Galloper offshore wind farm next month, after the final investment decision was made with three new partners on board for the project.
UK Green Investment Bank (GIB), Siemens Financial Services and Macquarie Capital have joined RWE Innogy in becoming 25% joint equity partners of the 336MW offshore wind project off the coast of Suffolk.
Furthermore, a consortium of 12 commercial banks and the European Investment Bank have provided the £1.37 billion debt facilities. BNP Paribas acted as financial advisor to the project.
According to RWE, some 700 jobs will be created during construction and around 90 jobs once the wind farm is operational, which is expected from 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.”
As part of the overall partnership agreement, Siemens will supply and install 56, six megawatt turbines for the project and deliver a 15-year maintenance contract.
The Galloper offshore wind farm will be located close to its existing sister project Greater Gabbard, off the Suffolk coast.