The UK Green Investment Bank (GIB) has today announced two new senior appointments.
Nick Gardiner will take on the role of Managing Director, Offshore Wind and Karl Smith will take on the role of Fund Managing Director.
Gardiner will lead GIB’s offshore wind direct investment team. Since its launch in November 2012, GIB has made five investments in the offshore wind sector, totalling £642m and is the most active investor in the UK offshore wind market.
In June 2014, GIB announced its intention to raise a £1bn offshore wind fund. The Fund will make equity investments in UK unlevered operating assets, bringing new long-term investors into the UK’s green economy and helping to lower the cost of capital for offshore wind.
Smith, previously a Director in GIB’s offshore wind investment team, will take on the newly created role managing the Fund. The Fund will operate separately from GIB’s offshore wind direct investment team.
Ed Northam, Head of Investment Banking, UK Green Investment Bank, said:
This is an exciting time for GIB’s offshore wind business, as we continue to look at investments in construction assets and start fundraising for the UK’s first dedicated offshore wind fund. I look forward to working with our two new MDs as we realise our ambitious plans for the offshore wind sector.
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Notes to editors
Notes to Editors
Details of GIB’s offshore wind investments to date can be found here.
Gardiner joins GIB from BNP Paribas (formerly Fortis Bank) where he was instrumental in the development of the renewables project finance business (debt advisory and arranging), with specific focus on the offshore wind sector. While at BNP Paribas, Gardiner led the bank’s work on a number of high-profile projects in the UK and continental offshore wind sector, including four UK Round 2 offshore wind farms.
Smith led GIB’s principal equity investments in the offshore wind sector and has extensive experience in debt and equity investments and financial advisory across the energy and infrastructure sector. He joined GIB in 2012, having previously spent almost three years with advisory firm Hideal Partners, advising and developing energy and infrastructure M&A transactions. Prior to this role, Smith spent four years with Babcock & Brown in principal equity investment, and also held positions with ABN Amro, Macquarie Bank and KPMG.
About the UK Green Investment Bank
The UK Green Investment Bank was launched in November 2012. With £3.8 billion of funding from the UK Government, it is the first bank of its kind in the world. It is a "for profit" bank, whose mission is to accelerate the UK's transition to a greener economy, and to create an enduring institution, operating independently of Government.