UK OFFSHORE WIND SEEKS FUNDING

UK hopes Europe can save offshore wind farm
Robin Pagnamenta, April 8, 2009 (UK Times)

"Government plans to make Britain a global leader in green energy are set to be rescued by the European taxpayer.

"…[T]he European Investment Bank (EIB) is in talks with developers about a financial rescue package for the £3 billion London Array scheme, which is located in the Thames Estuary. Planned to be the world’s largest offshore wind farm, it is a project that has strong personal backing from the Prime Minister."

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"Gordon Brown wants part of the renewable energy scheme finished before the 2012 Olympics.

"The UK desperately needs London Array to fulfil its ambitious target of generating 35 per cent of electricity from renewable sources by 2020.

"Pleas for cash to the EIB, the long-term lending bank of the European Union, are a last-ditch attempt to save the project, which has suffered from a number of high-profile companies pulling out and fears over its funding…as a result of the credit crunch…"

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"Even the entry of the EIB may not safeguard the future of the plan to build up to 341 giant offshore windmills generating sufficient electricity to power 750,000 homes…

"The London Array project has been struggling since last May…E.ON, the German power group, and Dong Energy, a Danish company, have pressed ahead…Masdar, a $15 billion (£10 billion) renewable energy fund controlled by the Government of Abu Dhabi [also bought in]…"