The UK Green Investment Bank plc (GIB) has announced that it has now committed £2.3bn across 58 green infrastructure projects, with a total value of more than £10bn.
The announcement was made almost three years to the day that the organisation was officially declared open and it makes the GIB the most active investor in the UK’s renewable energy and energy efficiency industries. Its most recent investment is a commitment of £47m to Northern Ireland’s largest EfW plant.
Shaun Kingsbury (pictured), Chief Executive, Green Investment Bank, said: “GIB was declared open for business three years ago. Since then we have worked with almost 100 co-investors to finance more than £10bn of green infrastructure in the UK. But our contribution goes beyond the projects we have financed: we have shown that green investment is good business.
“We operate as a specialist investor in a niche, but fast-growing area of financial services. Our focused team of market experts has moulded a flexible and creative investment strategy that has played a major role in establishing a commercial market for green infrastructure investment in the UK. Our experience offers important lessons for other countries looking to the private sector to help deliver their investment ambitions set out ahead of the Paris climate change conference.”
Business Secretary Sajid Javid said: “As this milestone shows, the Green Investment Bank is going from strength to strength and is having a major impact supporting renewable energy projects across the whole of the UK. Crucially, it has demonstrated that investing in green technology and our future energy security can be a profitable business and I am sure the coming years will see a significant scaling-up of its operations as it moves into private ownership and mobilises private sector capital.”
The GIB’s outlines its key achievements over the past three years, including:
- having invested in every region of the UK.
- partnering with almost 100 co-investors
- mobilising £3 of third-party investment for every £1 it invests
- financing over a dozen different green energy technologies and, in waste specifically, it is the only investor to finance four separate gasification technologies in the UK.
Once built, all of the GIB’s investments will produce enough renewable energy to meet the annual electricity needs of every home in Scotland, Wales and Northern Ireland; reduce greenhouse gas emissions by the equivalent of removing nearly every car in Scotland from the road; prevent waste equivalent to that produced by every household in South West England being sent to landfill.
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