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Green Investment Bank commits £635m to energy and carbon projects

The UK Green Investment Bank (GIB) says it has committed a total of £635m to 11 renewable energy and carbon-reduction projects.

The bank announced the investment impact of its first five months of operation, during which it has committed funds to 11 transactions with a total value of £2.3bn.

The bank has supported in all of its priority sectors which include offshore wind, energy efficiency and waste.

The full green impact of these transactions will be announced at an annual stakeholder meeting in Edinburgh on 26 June. Provisional results indicate that, once operational, these investments will, on an annualised basis:

  • Save over 2.5m tonnes of greenhouse gas emissions; the equivalent today of taking around 1m cars off UK roads; and
  • Generate around 10 TWh of renewable electricity; the equivalent today of the annual domestic electricity consumption of around 2.3m UK homes.

Projects that have been backed include:

  • A new clean energy centre at Addenbrookes Hospital, Cambridge to help the NHS Trust reduce their emissions and save money;
  • An equity stake in an offshore wind farm; and
  • A local authority managed recycling centre in Wakefield, West Yorkshire to reduce waste sent to landfill and capture energy from waste.

Green Investment Bank 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’ve managed to bring in almost £3 of private funding for every £1 we have committed.

“The projects we are supporting demonstrate the full breadth of the opportunity ahead as we build a greener economy; from energy efficiency in the NHS to getting energy from food waste to building a dynamic market in offshore wind.

“These projects are good for the environment, good for growth and all funded on commercial terms.”

Business secretary Vince Cable commented: “After only five months in operation, the Green Investment Bank is already punching above its weight.

“Today’s results are a pleasing start for this groundbreaking institution. They show that the Bank is doing precisely what we set it up to do - draw in and not shut out private sector capital.

“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.”

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