HomeRenewablesBiomassUK's Green Investment Bank launches

UK’s Green Investment Bank launches

A state-funded Green Investment Bank (UK GIB) has officially opened in the UK and announced backing for a waste-to-energy plant.

Supported by à‚£3bn ($4.8bn) in government cash, UK GIB is intended to mobilise additional private capital to drive the development of a green economy.

Earthly Energy waste-to-energy site

An aerobic digestion (AD) waste-to-energy power plant in Teesside, in Northeast England, is one of the first two projects to be backed by UK GIB, with an investment of à‚£8m ($12.8m) to be matched by another à‚£8m of private funds.

The plant is the first of six planned over the next five years. Investment in the plant, through fund manager Greensphere Capital, is part of a à‚£80m ($128m) UK GIB programme for small waste projects.

UK GIB was launched in Edinburgh, Scotland, where it will have its headquarters, by Business Secretary Vince Cable.

“Three billion pounds of government money will leverage private sector capital to fund projects in priority sectors from offshore wind to waste and non domestic energy efficiency, helping to deliver our commitment to create jobs and growth right across the UK,” he said.

UK GIB’s second initial investment is a à‚£5m ($8m) contribution to retrofitting the industrial facilities of construction services and product supplier Kingspan with systems and services to cut its energy consumption by as much as 15 per cent.

For more policy news

LATEST FEATURE