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As per the plans, the bank is looking to buy equity stakes in operational projects and is seeking suitable long-term co-investors to participate in the new capital raising exercise.
The fund will be managed by a GIB subsidiary, which will seek permission from the UK’s Financial Conduct Authority to become a regulated fund manager.
The bank’s move is seen as an important development for the UK’s offshore wind sector, which currently has 3.6GW of installed capacity, 1.4GW in construction and several additional projects in development stage.
The GIB chairman Lord Smith of Kelvin said the bank has emerged as the most active investor in the UK’s green economy.
"2013-14 was a good year for GIB in a difficult market – we backed 18 new projects, more than double our first year, committing an additional £668m of capital," added.
UK Business Secretary Vince Cable said the GIB was established to pump investments in cleaner, greener technology.
"These results show the impact they are having with £4.8bn pumped into green energy projects in just 18 months," Cable added.
"Headquartered in Edinburgh, the bank’s current investments have supported 3,500 jobs in the UK’s growing green economy and will cut CO2 emissions equivalent to taking over half the cars off London’s roads."
Image: The UK’s offshore wind sector currently has 3.6GW of installed capacity. Photo: Courtesy of xedos4/FreeDigitalPhotos.net.
