UK’S GREEN BANK BRINGS THE BIG BUCKS

UK Green Investment Bank mobilises £2.3bn investment in UK’s low-carbon infrastructure

09 May 2013 (Green Investment Bank)

“The UK Green Investment Bank plc (GIB)…investment impact of its first five months of operation (up to 31st March 2013)…[1] Committed funds to 11 transactions with a total value of £2.3 billion…[2] Directly committed £635 million, resulting in a funding ratio that sees £1 from GIB mobilising almost £3 of private sector money…[3] Supported transactions in all of its priority sectors: offshore wind, energy efficiency and waste; and…[4] Completed all transactions on fully commercial terms in line with co-investors.

“…[P]rovisional results indicate that, once operational, these investments will, on an annualised basis…[1] Save over 2.5 million tonnes of greenhouse gas emissions; the equivalent today of taking around 1 million cars off UK roads; and…[2] Generate around 10TWh of renewable electricity; the equivalent today of the annual domestic electricity consumption of around 2.3m UK homes.”

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“Projects that have been backed include…[1] A new clean energy centre at Addenbrookes Hospital, Cambridge to help the NHS Trust reduce their emissions and save money…[2] An equity stake in an offshore wind farm; and…[3] 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…[1, The] Bank will move into a new permanent home [in Edinburgh] in August…[2] A team of 74 people has been recruited and…[it] rise to 100 by the end of this calendar year…[3] A strong transaction pipeline is in place…[and, 4] An investment alliance with Abu Dhabi backed clean energy firm, Masdar has been signed to bring in additional funding…over the next seven years…”

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