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Green Investment Bank commits £635m

The Green Investment Bank (GIB) plc will invest £635m in its first five months of operation, it says in a statement.

GIB has announced support for offshore wind, energy efficiency and waste projects, and says every £1 invested has leveraged £3 of private sector money.

Projects backed include a clean energy centre at Addenbrookes Hospital in Cambridge; local authority managed recycling in Wakefield; and an equity stake in an offshore wind farm.

Business Secretary, Vince Cable said: “After only five months in operation, the Green Investment Bank is already punching above its weight.

“Today’s results are a pleasing start for this groundbreaking institution. They show that the Bank is doing precisely what we set it up to do - draw in and not shut out private sector capital.

“I now want to see the Bank move on to become a valued and integral part of the UK’s financial infrastructure, playing a pivotal role in the financing of our transition to a green economy. We must seize the opportunities for jobs and economic growth in this sector before others do.”

Green Investment Bank chief executive, Shaun Kingsbury, said: “This represents an excellent level of activity and shows the impact we can have in helping the UK towards a greener economy.

“We are essentially a start-up and have a long road ahead of us as we build an enduring bank, but we’ve hit the ground running. Our mission goes beyond simply investing our own funds; our job is to crowd-in money from other sources. I’m really pleased that we’ve managed to bring in almost £3 of private funding for every £1 we have committed.”

“The projects we are supporting demonstrate the full breadth of the opportunity ahead as we build a greener economy; from energy efficiency in the NHS to getting energy from food waste to building a dynamic market in offshore wind.

“These projects are good for the environment, good for growth and all funded on commercial terms.”

This was posted in Bdaily's Members' News section by Tom Keighley .