GIB backs £10bn green projects in three years

GIB backs £10bn green projects in three years

Source: Edie.net

In the last three years, the UK Green Investment Bank (GIB) has committed £2.3 billion to 58 green infrastructure projects with a total value of £10.1 billion, making it the most active investor in the UK’s renewable energy and energy efficiency industries.

GIB chief executive Shaun Kingsbury said since the bank was opened three years ago, it has worked with almost 100 co-investors to finance more than £10 billion worth of green infrastructure in the UK.

“We operate as a specialist investor in a niche, but fast-growing area of financial services,” he said. “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.”

The bank has so far invested in projects ranging from a £306.5 million commitment to an offshore wind farm off the Brighton coast to a £6.3 million Green Loan to finance the installation of 10,000 LED streetlights in Glasgow.

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