LONDON Nov 28 British government-backed Green
Investment Bank, designed to spur private funding for low-carbon
energy initiatives, has provided 13 million pounds ($21 million)
finance for two projects.
The bank, headquartered in Edinburgh and capitalised with 3
billion pounds government money, received state aid approval
from the European Commission last month.
One of two projects that received funding on Wednesday was a
group of six plants that will generate energy from waste in
northeast England. They receiving 8 million pounds.
The other project, earmarked for a 5 million pound
investment, will retrofit the British facilities of Irish
construction company Kingspan with material to make them
more energy efficient.
The bank started investing in projects earlier this year
under commercial terms, committing 180 million pounds to
specialist fund managers for co-investment in smaller energy
It will be given full borrowing powers by around 2015 and
has chosen offshore wind, waste and non-domestic energy
efficiency as priority projects.
Business secretary Vince Cable, who officially opened the
bank on Wednesday, said: "The Green Investment Bank - a key
coalition pledge - is now a reality. It will place the green
economy at the heart of our recovery and position the UK in the
forefront of the drive to develop clean energy".