The Business Secretary yesterday announced the new Green Investment Bank “open for business”, with the making of GIB’s first two investments. From the BIS press release – the notes to which contain useful information about the GIB, its status, role, funding and state aid provision:
“The ground breaking institution has been funded with £3 billion of Government money and will mobilise additional private capital to make a significant contribution to the development of a green economy.
Speaking in Edinburgh where the new bank is headquartered, Dr Cable revealed that UK GIB had made its first investment since becoming operational, committing an initial £8 million to a project in the North East of England that will generate energy from waste. This will attract a further £8 million of matching private sector funding.
The construction of an Anaerobic Digestion (AD) plant at Teesside is the first of six planned over the next five years, making it the largest single AD project in the UK. The investment, made through fund manager Greensphere Capital, is part of a £80 million investment programme by UK GIB in small waste projects.”