Government funding of £100million for green investment announced today “paves the way” for the Green Investment Bank, according to the UK Trade & Investment.
The Green Investment Bank will be the world’s first national lending body for low carbon businesses and is expected to open later this year following state aid approval.
UK Green Investments (UKGI), a team from BIS today announced contracts to dish out the £100m to two fund managers.
Equitix and SDCL will invest £50m each in energy saving and carbon cutting schemes, officially called small-scale NDEE (non-domestic energy efficiency) infrastructure projects. The cash will be co-invested with private investors on each deal.
Geoff Jackson, Chief Executive Officer of investment firm Equitix said: “There is a dedicated team in place to support UKGI’s non-domestic energy efficiency investment strategy.”
The UK already exports around $30 billion of energy-related goods and services each year, a growing proportion of which is in the low carbon sector.