U.K. Green Investment Bank Offshore Wind Fund Raises Nearly Half of $1.5 Billion Target

The U.K.'s first fund dedicated to supporting offshore wind-power projects has raised almost half of its 1 billion pound ($1.5 billion) target, drawing support from pension investors and a major sovereign wealth manager.

The U.K. Green Investment Bank said it raised 463 million pounds for the fund and is continuing to seek capital for five to eight projects, said Ed Northam, head of investment banking at the Edinburgh-based institution.

The bank is backing offshore wind as an alternative to onshore turbines, noting turbines at sea face fewer planning hurdles, less opposition from residents and more predictable breezes. Its aim is ...