Danish export credit agency EKF has joined the financing team of the giant 659MW Walney Extension wind farm off the UK by signing up to a green bond.

EKF will provide a guarantee of more than £300m ($399m) for one of the bond series – a so-called green bond where the proceeds from the issuance are used to finance green investments.

The green bonds are linked to the inflation in the UK, which helps reduce the financial risks in the project, EKF said in a statement.

“The interest in green bonds is increasing, partly because pension funds are met with customer demands for an increased focus on green investments. This is the first time that a UK offshore wind farm is financed via green bonds,” the credit agency said.

Ørsted, formerly Dong Energy, is behind the construction of the wind farm, and the wind turbines are supplied by MHI Vestas and Siemens Gamesa Renewable Energy.