News

Green Investment Bank releases initial investment figures

Published on 9 May, the figures show that the GIB has mobilised a total of £2.3 billion of investment in green infrastructure. This is comprised of £635 million lent from the bank itself, and a further £1.7 billion of investment being leveraged from the private sector. Such figures represent a funding ratio of £3 of private sector money mobilised for every £1 from the GIB.

Since becoming fully operational in October 2012, the GIB has invested £125 million in the Green Deal, the government's flagship energy efficiency scheme, with a further £56 million coming from the private sector. The Drax power station has also profited from the GIB, receiving a combined total of £990 million to assist in the conversion to sustainable biomass.

The GIB CEO, Shaun Kingsbury said, "This represents an excellent level of activity and shows the impact we can have in helping the UK towards a greener economy. We are essentially a start-up and have a long road ahead of us as we build an enduring bank, but we've hit the ground running.  Our mission goes beyond simply investing our own funds; our job is to crowd-in money from other sources. I'm really pleased that we've managed to bring in almost £3 of private funding for every £1 we have committed."