Waste industry is first recipient of GIB capital
Waste will be the first sector to benefit from Green Investment Bank (GIB) funding, Business Secretary Vince Cable confirmed today (April 25).
The Department for Business, Innovation and Skills (BIS) has appointed two specialist fund managers who will oversee £80m of investment in small scale waste infrastructure.
This could include recycling and reprocessing facilities, pre-treatment plants and energy-from-waste projects.
All BIS investments made by the fund managers will be match-funded, leveraging in at least £80 million more to the projects.
Cable said the announcement represented a "landmark investment" in green infrastructure by the Government.
"They represent a great opportunity to unlock substantial commercial investment in green technologies and infrastructure.
"The Government has committed to setting the UK firmly on course towards a green and growing economy and today is another important step in that direction.
"Investing directly now shows that we are not just sitting on our hands while we wait for the bank to receive state aid approval."
An initial fund of £50m will be managed by Foresight Group and an initial fund of £30m by Greensphere Capital. The maximum amount of individual investments is not likely to exceed £15m.