Published on October 31st, 2014 | by Joshua S Hill2
UK Green Investment Bank Passes £5 Billion Milestone
October 31st, 2014 by Joshua S Hill
The UK Prime Minister, David Cameron, has congratulated the UK Green Investment Bank on its second anniversary for mobilising more than £5 billion for new green energy infrastructure projects.
The UK Green Investment Bank is a first of its kind bank dedicated to raising funds for the development of the country’s private sector green energy industry. Over its two years in effect, the Bank has benefited more than 200 UK communities and directed more than £5 billion into the UK’s green energy sector.
“Under this Government, as part of our long-term economic plan to back business, create more jobs and secure a brighter future for Britain, we have become one of the best places for green investment anywhere in the world – and the Green Investment Bank has played an instrumental role in this,” said UK Prime Minister David Cameron.
“Their achievements tell their own story – in just two years, getting 37 green infrastructure projects underway in the UK, committing more than £1.6bn of capital and mobilising a total of £5.2bn, and creating thousands of jobs.”
Launched in October of 2012, the Green Investment Bank has worked with over 70 co-investors, investing £1 for every £3 raised.
“We’ve also shown that we’re leading the way in financing new technologies, helping to create new markets, and building new financial products,” the Bank says on its website.
“In the two years since its launch, the Green Investment Bank has proved itself to be a successful policy initiative and a good business,” said the Bank’s Chairman, Lord Smith of Kelvin. “We are helping to attract capital to UK green projects and helping to build vital new, modern, energy infrastructure for the country.
“I am especially proud of the fact that we are investing in every part of the UK, from the Highlands of Scotland to Northern Ireland, Wales and all parts of England. We are investing wisely and the taxpayer will make good returns from us over the long-term. Every pound we invest and every project we support strengthens our position as the most active investor in the UK’s green economy.”
In June of this year, the Green Investment Bank announced it would raise £1 billion for a new fund to “acquire equity stakes in operational offshore wind projects in the UK” — a move that, at the time, was expected to significantly boost the country’s offshore wind industry.