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Announcements prior to September 2017, including this announcement, occurred under previous ownership.
31 October 2014
The UK Green Investment Bank plc (GIB), the first of its kind in the world, has now mobilised more than £5bn of investment into the UK’s green energy sector since its launch two years ago.
Yesterday, 30 October, GIB announced the 37th project it has funded, a £5.2m transaction to help global bank Citi reduce energy use at its data centre in Lewisham, London.
Prime Minister David Cameron
Lord Smith of Kelvin
Chair, UK Green Investment Bank
In late October 2012, GIB began operations as the first dedicated green bank in the world. Created by the UK Government and backed with £3.8bn of public capital, its mission is to accelerate investment in green energy infrastructure while building an enduring institution.
Since then, GIB has committed to invest in 37 new projects with £1.6bn of its own capital. All of these investments have been both green (delivering a material, positive environmental impact) and profitable. GIB has now invested in all four nations of the UK and every English region.
For every £1 GIB invests, it mobilises a further £3 from the private sector, often from international investors. In total, GIB has backed projects that will see more than £5bn of new energy infrastructure projects go ahead. GIB has co-invested alongside more than 70 domestic and international financiers.
GIB only invests in projects which need its help to go ahead. Taking on the complex, challenging projects, GIB has been innovative in financing new technologies, supporting the development of new markets and creating new financial products.
GIB is the most active investor in the UK renewables sector with its 37 projects benefiting more than 200 communities around the UK. GIB is helping to support SMEs, creating more than 3,500 jobs and strengthening local supply chains.
Every one of GIB’s investments has been made on fully commercial terms, creating a positive demonstration effect for the wider market. GIB’s current portfolio of investments is expected to deliver an annual return of 9%. Once all its investments have completed construction and are operational, GIB is projected to make an annual operating profit in excess of £10m per annum.
The first green investment bank in the world - now being imitated internationally – GIB has set up an international network of green banks to support the growth of this new type of business.
Vince Cable
Business Secretary
Shaun Kingsbury
Chief Executive, UK Green Investment Bank
GIB’s investments are helping to bring about substantial reductions in carbon emissions as well as wider environmental benefits. Its ‘green’ achievements include:
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