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GIB helps mobilise £10bn

UK bank has supported 58 green infrastructure projects so far

GIB helps mobilise £10bn image

The UK Green Investment Bank has so far committed £2.3bn to 58 green infrastructure projects with a total value of £10.1bn.

The most recent investment was a commitment of £47m to Northern Ireland’s largest energy from waste plant.

Investments cover more than a dozen different green energy technologies: from 6MW offshore wind turbines to small biomass boilers in whisky distilleries.

In offshore wind, the bank has financed 757 offshore wind turbines in the UK – representing 40% of all the turbines currently operating or under construction.

The bank, which has been running for three years, reached profitability after just two-and-a-half years and projects that our current portfolio of investments will generate an overall return of over 10%.

GIB chief executive Shaun Kingsbury (pictured) said: “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.”

Scottish Renewables chief executive Niall Stuart said: "In the three short years of Green Investment Bank's existence it has become an important source of capital to the renewable energy sector and initiatives that have contributed to cutting carbon emissions and driving energy efficiencies in the Scottish economy.

"From investing in major offshore wind projects to biomass boilers in whisky distilleries and LED street lighting, the GIB has demonstrated its diversity.

"We hope to see this commitment in renewable heat and electricity in Scotland continue as the bank moves into its next important phase."

Image: GIB

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