UK: Offshore Wind Developers to Face Funding Delay
After HM Treasury released the Autumn Statement last Wednesday, industry experts have raised concerns regarding the funding of the Green Investment Bank, according to the Yorkshire post.
This report shows that the government will miss its target of getting debt falling as a percentage of GDP by 2015. It will be falling by 2016-17.
This could cause delays in funding huge offshore wind energy projects offshore UK coast.
Nick Medic, director of offshore wind for national trade body Renewable UK, thinks that many offshore wind farm developers will also face this problem in 2017.
“The fact it seems that the Green Investment Bank will be delayed from borrowing for a further 12 months is not helpful to the offshore wind sector,” he said.
“The Green Investment Bank was initially greeted with strong excitement, but it now seems that at the earliest it will be borrowing just as the (subsidy scheme) ends.
“Developers are seeking financing now and this delay is not welcome.”
Offshore WIND staff, December 10, 2012