Funding of £635m has been committed in the first five months of the new Green Investment Bank.
Construction News’ sister title Materials Recycling World reports that in an update ahead of an annual stakeholder meeting in Edinburgh on 26 June, the GIB says it has:
- Committed funds to 11 transactions with a total value of £2.3bn
- Directly committed £635m, resulting in a funding ratio that means every £1 from the GIB mobilises nearly £3 of private sector money
- Backed transactions in all of its priority sectors: offshore wind, energy efficiency and waste
Projects that have been backed include a combined heat and energy plant at Addenbrooke’s Hospital in Cambridge and a local authority-managed recycling centre in Wakefield, West Yorkshire.
The GIB also reports organisational progress, with offices established in Edinburgh due to become a permanent home in August; a staff of 74 rising to 100 by 2013, and an investment alliance with Abu Dhabi-backed clean energy firm Masdar, which will bring additional funding to support UK projects during the next seven years.
GIB 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 have managed to bring in almost £3 of private funding for every £1 we have committed.”
Business secretary Vince Cable said the GIB was “already punching above its weight”.
He added: “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.”