UK Green Investment Bank reports £2.3bn investment for clean energy projects

The UK Green Investment Bank (GIB) has reported that the group had invested £2.3bn towards country’s low carbon infrastructure during first five months of its operation.

The investment was made through 11 transactions, supporting projects in all its priority sectors of offshore wind, energy efficiency and waste during the period ended 31 March 2013.

From the total investment, the company has directly committed £635m, which reflects funding ratio of £1 from GIB against £3 of private sector money.

Commenting on its milestones, Green Investment Bank chief executive Shaun Kingsbury stated that the initiative demonstrates the company’s activity level and impact in supporting UK’s greener economy.

"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," elaborated Kingsbury.

GIB further stated that the projects financed through this investment will generate around 10TWh of renewable electricity equivalent to domestic energy consumption of 2.3 million UK homes.

The projects, which the bank has supported, include a new clean energy centre at Addenbrookes Hospital, Cambridge, an equity stake in an offshore wind farm and recycling centre in Wakefield, West Yorkshire to reduce waste from landfill.

UK Government Business Secretary Vince Cable remarked: "After only five months in operation, the Green Investment Bank is already punching above its weight.

"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," added Cable.

GIB has claimed that the bank has a strong transaction pipeline in the upcoming coming year.

It has also forged a green joint venture with Abu Dhabi-based clean energy firm Masdar to fund UK projects over the next seven years.