The UK Green Investment Bank (GIB) today said that it had committed to lend and invest a total of £635million during the first five months of operation.
The initiative, which is based in Edinburgh, was launched last year with £3 billion of funding from the UK Government to invest in sustainable energy and energy efficiency projects.
The bank said its funding ratio had meant £1 from GIB mobilised almost £3 of private sector money, with committed funds to 11 transactions so far totaling £2.3 billion.
Projects so far include
- a new clean energy centre at Addenbrookes Hospital in Cambridge
- the acquisition of an equity stake in an offshore wind farm
- and the development of a local authority managed recycling centre in Wakefield, West Yorkshire
Shaun Kingsbury, GIB chief executive, 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.”
The bank, which currently employs 74 people, said that an investment alliance with Abu Dhabi-backed clean energy firm, Masdar, has been signed to bring in additional funding to support UK projects over the next seven years.
“With a high calibre team being recruited and a strong transaction pipeline in place, the UK Green Investment Bank will play a huge role in attracting green businesses – and all businesses – to Scotland,” said Scottish Secretary, Michael Moore