Offshore wind to bring $3.4 billion to British economy

The British government said Wednesday it signed off on plans to build the 700 megawatt Rampion wind farm off the coast of Sussex.

German utility company E.ON is leading development of the offshore installation that should be completed by 2019. The British government said it expects the project to bring in more than $3.4 billion worth of investments to its economy.

Signing off on the project Wednesday, the British government said the Rampion wind farm would generate enough energy to meet the annual needs of 450,000 households.

The government said the consent decision is a testament to its commitment to renewable energy resources.

"We're driving investment in our energy security, and our plans have made us number one in the world for investment in offshore wind energy," British Energy and Climate Change Secretary Ed Davey said in a statement.

DECC in a recent assessment said wind power dominated the energy sector with offshore wind capacity increasing 39 percent in the three-month period ending in February and onshore wind up 68 percent compared to the same period one year ago.