United Kingdom

United Kingdom

GIB appoints managing director of offshore wind

Christine Brockwell to lead expanded strategy

The UK’s Green Investment Bank (GIB) has appointed Christine Brockwell as managing director of offshore wind. She will lead the delivery of an expanded offshore wind investment strategy.

This will see the bank funding projects in the construction phase, as well as existing facilities. GIB chief executive, Shaun Kingsbury, said the strategy would "ensure that we can mobilize investment at a critical, early stage of a project."

During its first five months of trading to the end of March 2013, the GIB committed less funding to offshore wind than other priority sectors. £103m (€124m) was spent on offshore wind, £257m (€308m) on waste infrastructure projects, £150m (€180m) on non-domestic energy efficiency and £125m (€150m) on domestic energy efficiency.

The GIB’s two offshore wind transactions to date comprise £45m (€54m) towards a debt refinancing deal for Walney and £57.5m (€69m) for a 24.95% stake in Rhyl Flats. A memorandum of understanding was recently signed between the bank and Abu Dhabi clean energy firm, Masdar, which could see further offshore wind-related deals struck.

Brockwell was previously a director at financial services advisory firm, Global Capital Finance, with responsibility for European renewable energy transactions.

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