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Mon June 14 2021

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Boost for Green Investment Bank

27 Jun 13 Business secretary Vince Cable has confirmed that the UK Green Investment Bank (GIB) will get £800m additional funding for 2015/16.

Speaking at the GIB’s first annual review event in London, he said this meant that the bank would be able to allocate £3.8bn up until 2016 in its five priority sectors as part of the government’s drive to promote green growth.

Mr Cable said that the GIB would have the option to borrow up to £500m of this at a commercial rate from the National Loans Fund (NLF), a government lending fund.

As outlined in its first annual report published this week, the GIB has already committed £635m to 11 transactions with a total value of £2.3bn since its launch in November 2012.

These include: a new energy centre at Addenbrookes Hospital in Cambridge; an equity stake in an offshore wind farm; and a waste-to-energy recycling centre in Wakefield.

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Mr Cable said: “Against a backdrop of tough fiscal decisions being made by government, the £800m funding for 2015/16 and borrowing from the NLF is a clear signal to the markets that the GIB is central to the government’s plans for green growth and it is there for the long term.

“The GIB is already mobilising £3 of private sector money for every £1 from GIB. This additional funding will allow it to continue growing its portfolio and making a strong green impact and demonstrating the profitability of investing in green projects.”

GIB chief executive Shaun Kingsbury said: “Today’s announcement provides an important extension of our government funding for an additional year. This substantial addition of £800 million will allow us to further our mission of helping the UK transition to a low carbon economy and build an enduring institution.”

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