The Green Investment Bank (GIB) has revealed that it has committed funds to 11 transactions with a total value of £2.3 billion and direct investment of £635 million, in the first five months of being operational.
Between November 2012 and March 2013, GIB investment has resulted in a funding ratio of £1 from GIB mobilising almost £3 of private sector money. The supported transactions were in all of its priority sectors: offshore wind, energy efficiency and waste.
The impact of the transactions will be announced at the annual stakeholder meeting in June but the projects invested in are expected to generate around 10TWh of renewable electricity and save over 2.5 million tonnes of greenhouse gas emissions.
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.
The GIB said it has a strong transaction pipeline and has recently been boosted by an investment alliance with UAE state renewable energy firm Masdar.
GIB Chief Executive Shaun Kingsbury said:
"This represents an excellent level of activity and shows the impact we can have in helping the UK towards a greener economy. We are essentially a start-up and have a long road ahead of us as we build an enduring bank, but we've hit the ground running. Our mission goes beyond simply investing our own funds; our job is to crowd-in money from other sources. I'm really pleased that we've managed to bring in almost £3 of private funding for every £1 we have committed."
"The projects we are supporting demonstrate the full breadth of the opportunity ahead as we build a greener economy; from energy efficiency in the NHS to getting energy from food waste to building a dynamic market in offshore wind.
"These projects are good for the environment, good for growth and all funded on commercial terms."
UK Government Business Secretary, Vince Cable said:
"After only five months in operation, the Green Investment Bank is already punching above its weight. Today's results are a pleasing start for this groundbreaking institution. They show that the Bank is doing precisely what we set it up to do - draw in and not shut out private sector capital.
"I now want to see the Bank move on to become a valued and integral part of the UK's financial infrastructure, playing a pivotal role in the financing of our transition to a green economy. We must seize the opportunities for jobs and economic growth in this sector before others do."
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