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Prime minister Gordon Brown's vision for a low-carbon economy could be saved by European taxpayers as the European Investment Bank considers financing the £3 billion London Array scheme.

Located on the Thames Estuary, the site would house the UK's largest offshore windfarm which would generate large amounts of cheap, renewable electricity.

Mr Brown wants parts of the scheme to be completed before the 2012 Olympics.

If accepted the London Array will help the UK fulfil its ambition to generate 35 per cent of the country's electricity from renewable sources by 2020.

The scheme would see the creation of 341 offshore wind turbines, which would generate electricity for as many as 750,000 British homes.

Meanwhile, Mr Brown has pledged that this month's budget will focus on the promotion of green initiatives to help the UK on its way to economic recovery.

Speaking to the Independent, he said: "It is not just what we do to give real help to people and business now, but about setting a path for the future as well."

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