Magazine article Public Finance

Green Bank Seeks Funding Extension

Magazine article Public Finance

Green Bank Seeks Funding Extension

Article excerpt

The Edinburgh-based Green Investment Bank is in talks with ministers about extending its funding for at least a further year, Public Finance has been told.

The bank, the first of its kind in the world, has been set up to pump £3bn of public money into clean energy projects over three years. It became a fully operational public company last October.

Group Operations Director Rob Cormie told PF the bank has already invested more than £500m. 'We think it's been a great success, frankly, from a standing start,' said Cormie. 'To invest that amount of money within a year is incredibly impressive.'

He added that the bank was in discussion with the government in the run-up to the June Spending Review. 'In effect, we're looking for a one-year extension with additional capital - we don't know what that [will be], but that's a process thaf s ongoing.'

GIB is still operating out of temporary offices in Edinburgh, which was chosen as the location for the headquarters against competition from 19 other towns and cities. Some saw the location as a spoiler for Scottish independence, although Cormie insisted it reflected Scotland's strengths in both finance and renewable energy. The bank also has a financial team in London.

Its mission is to bridge funding gaps for projects in key green energy sectors - primarily offshore wind, waste recycling and energy efficiency. It can also invest money in wave and tidal, biomass, carbon capture and heat networks. It must provide less than half a project's finance, and cannot be the biggest funder. …

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