The next generation of huge offshore wind farms has been mooted as a prime target for the Green Investment Bank (GIB) ever since the idea for this new state-backed institution was seriously discussed in the UK several years ago.
The planned round three wind farms, with their hundreds of 600 foot-tall turbines, will each have a peak capacity bigger than that of a conventional fossil fuel power station and cost billions of pounds.
The worry is that the huge sums of private sector finance needed to make round three a reality will not materialise, even with rising carbon prices and the government’s planned renewables-friendly reform of electricity markets. The risks and uncertainties associated with these vast projects are just too high.
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