UK powers ahead with clean energy investment

  • @BawdenTom

UK investment in clean energy more than doubled in the second quarter to a three-year high of $3.6bn (£2.3bn) helped by a giant wind farm five miles off the east coast of Skegness.

The 75-turbine Lincs Wind Farm, a joint venture between Centrica, Siemens and Dong Energy, is expected to begin generating electricity this year. It accounted for $1.6bn (£1.03m) of the investment in UK clean energy in the three months to July, according to new data from Bloomberg New Energy Finance.

The Grimsby Bioethanal Plant, a facility operated by Vireol that will convert wheat into half a million litres of ethanol a day, is also among the largest clean energy investments in the UK in the period, Bloomberg said.

The jump in second-quarter investment – which nonetheless lags behind the $5bn during the rest of 2009 – will cheer the CBI industry association, which said an increase in spending will help lift Britain out of recession.

In comments that put himself at odds with George Osborne, CBI director general John Cridland said: "The so-called 'choice' between going green or going for growth is a false one. With the right policies in place, green business will be a major pillar of our future growth."