The European Investment Bank (EIB) invested almost GBP 1.2 billion in renewable energy projects in the UK throughout 2016.
New EIB support for renewable energy related investment it the UK last year included GBP 500 million for a GBP 1.2 billion Caithness Moray transmission network project to reinforce electricity transmission in northern Scotland and improve connections between wind, wave and tidal renewable energy schemes and the national power network.
GBP 525 million was also provided to support construction of the 588MW Beatrice wind farm off the Caithness coast in Scotland.
This investment represents the single largest support ever for an offshore wind project by EIB.
The bank also provided GBP 77 million to support the transmission link to the Westermost Rough wind farm located 8 kilometres north east of Withernsea off the Holderness coast.
Energy lending also included GBP 82 million support for the Humber Gateway OFTO, the tenth UK offshore transmission link supported by Europe’s long-term lending institution over the last five years.