Offshore Wind Could Be Hit By Green Bank Borrowing Delay
Offshore wind developers fear they may struggle to finance massive new projects planned for UK waters, after it emerged the Green Investment Bank will be unable to borrow until 2016/17 at the earliest.
The government has said the £3bn Green Investment Bank would be able to borrow in 2015/16, but only if the coalition delivered on its debt reduction targets.
But Chancellor George Osborne confirmed yesterday that he will miss the target he had set for reducing the national debt by 2015/16, so austerity measures will continue until at least 2016/17.
As a result the Green Investment Bank is unlikely to be able to borrow as early as businesses had hoped.