A waste processing plant in Dagenham became the first project to bag cash from the precursor to the Government’s Green Investment Bank’s (UK GIB) yesterday.
Business Secretary Vince Cable announced £2million of public money will go to help fund the £21million plant. The money will come from the UK Waste Resources and Energy Investments (UKWREI) fund which is run by private fund managing company called Foresight which has been charged with divvying out £50 million for low carbon waste projects.
Yesterday’s announcement is seen by many as a warm-up act for the Government’s GIB, which will be the world’s first national lending body for low carbon projects when it begins handing out loans, probably by the end of the year.
Business Secretary Vince Cable said: “This project represents the first waste investment in the run up to the establishment of the UK Green Investment Bank, and sends a clear message to the market and to potential co-investors that we are committed to investing in the UK’s green infrastructure.”