Wednesday 25 April 2012

Government invests ahead of green bank approval

The Government has committed £80 million to green project financing ahead of the approval of the Government’s flagship Green Investment Bank. Two specialist fund managers will manage investments in the small scale waste infrastructure sector.

All investments made by fund managers from Foresight Group and Greensphere Capital will be match-funded, bringing another £80 million more to the projects, BIS claim. The maximum amount of individual investments is not likely to exceed £15 million.

Business Secretary Vince Cable said: “These first investments are a landmark moment. They represent a great opportunity to unlock substantial commercial investment in green technologies and infrastructure.

“Investing directly now shows that we are not just sitting on our hands while we wait for the UK Green Investment Bank to receive state aid approval.”

The GIB is designed to accelerate private sector investment in the UK’s transition to a green economy but is subject to approval from the European Commission.