UK government wastes no time investing £80 million in green fund

Posted at April 26, 2012 » By : » Categories : News » Comments Off on UK government wastes no time investing £80 million in green fund

Ahead of the launch of the UK government’s flagship Green Investment Bank (GIB), Business Secretary Vince Cable today announced an £80 million investment in green infrastructure projects.

The funds will go to two specialist fund managers in the Department for Business, Innovation and Skills (BIS), who will make investments in small-scale waste infrastructure projects such as energy-from-waste, waste recycling and reprocessing.

A fund of £50 million will be managed by Foresight Group and a further £30 million by Greensphere Capital.

The individual investments, which are not expected to exceed £15 million, will be match-funded, leveraging at least another £80 million in total investment.

The government is also making a further £100 million investment available for the non-domestic energy efficiency sector.

A competition for fund managers to work on the energy efficiency fund was announced last month and the winners will be announced in the summer.

“These first investments are a landmark moment,” says Cable. “They represent a great opportunity to unlock substantial commercial investment in green technologies and infrastructure.”

The investments are being made while the government awaits state aid approval for the GIB.

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Related stories:
UK Energy Technologies Institute seeks energy-from-waste partners (4-Apr)
SSE to build multifuel generation plant at Ferrybridge in Yorkshire (3-Apr)
Prince of Wales to invest in energy-from-waste enterprise (23-Feb)
UK government’s first waste-to-energy loan goes to Malaby Biogas (16-Jan)

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