The Government-funded Green Investment Bank (GIB) is to acquire a 10% stake — worth £220 million — in the Gwynt y Mor offshore wind farm off the coast of North Wales from renewable-energy specialist RWE Innogy.

Gwynt y Mor is the largest offshore wind farm under construction in Europe. Upon completion, it will have 160 turbines and an installed capacity of 576MW, meeting the energy requirements of 400,000 homes; it is due to be fully operational by the end of the year.

Meanwhile, GIB has announced that it is jointly purchasing 50% of the Westermost Rough offshore wind farm (off the Yorkshire coast) from DONG Energy.

Shaun Kingsbury, chief executive of the bank, said: “By making these investments on fully commercial terms, GIB is able to directly finance the expansion of the sector and create a demonstration effect that other investors can follow.”