UK Green investment bank mobilises £2.3bn investment in UK's low-carbon infrastructure
Friday, May 17, 2013
The UK Green Investment Bank plc (GIB) has today announced the investment impact of its first five months of operation (up to 31st March 2013):
Committed funds to 11 transactions with a total value of £2.3 billion;
Directly committed £635 million, resulting in a funding ratio that sees £1 from GIB mobilising almost £3 of private sector money;
Supported transactions in all of its priority sectors: offshore wind, energy efficiency and waste; and
Completed all transactions on fully commercial terms in line with co-investors.
The full green impact of these transactions will be announced at an annual stakeholder meeting in Edinburgh on 26th June, provisional results indicate that, once operational, these investments will, on an annualised basis:
Save over 2.5 million tonnes of greenhouse gas emissions; the equivalent today of taking around 1 million cars off UK roads; and
Generate around 10TWh of renewable electricity; the equivalent today of the annual domestic energy 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.
GIB has also made progress in building an enduring institution:
A headquarters has been established in Edinburgh and the Bank will move into a new permanent home in August;
A team of 74 people has been recruited and it’s expected that number will rise to 100 by the end of this calendar year;
A strong transaction pipeline is in place for the coming year; and
An investment alliance with Abu Dhabi backed clean energy firm, Masdar has been signed to bring in additional funding to support UK projects over the next seven years.
Source: UK Green