Corporate
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
27 November 2012
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.
Vince Cable
The Business Secretary also announced that UK GIB will invest £5 million to retrofit Kingspan's UK industrial facilities with systems and services that will reduce its energy consumption by as much as 15 per cent. This investment, through Sustainable Development Capital, is UK GIB's first project supported in its £100 million non-domestic energy efficiency investment programme.
Dr Cable made the investment announcements with the Bank's Chair Lord Smith of Kelvin and Chief Executive Shaun Kingsbury at a stakeholder event in Edinburgh to officially launch UK GIB. They were joined by Energy Secretary Edward Davey, Scotland Secretary Michael Moore and Energy Minister Greg Barker.
Edward Davey
The Secretary of State for Energy and Climate Change
Lord Smith
Chairman, UK Green Investment Bank
Earlier this year the Bank was established as a public company, UK Green Investment Bank plc. Following state aid approval from the European Commission last month it is now operational as an independent bank and open for business.
In the period before state aid approval for GIB, investments have been made on commercial terms by BIS's UK Green Investments team (UKGI). To date, UKGI has committed £180 million to specialist fund managers to co-invest equity in smaller waste infrastructure, energy from waste, and non domestic energy efficiency projects. Assets built up by UKGI have transferred to the GIB.
Media enquiries