Green Investment Group invests £38m on energy recovery

Green Investment Group (GIG) is providing £38 million in financing for a large-scale waste-to-energy facility in the UK. It is the first investment under Australian Bank Macquarie’s ownership, prior to which it was called the Green Investment Bank. Wheelabrator Technologies will use the funding for the construction of Ferrybridge Multifuel 2 (FM2) near Knottingley in […]

UK’s £2.3bn Green Investment Bank sale completed

The UK Government has officially transferred ownership of the Green Investment Bank (GIB) to its new private sector owners. Australian bank Macquarie has now taken over the bank, headquartered in Edinburgh, in a £2.3 billion deal, which previously drew criticism from some politicians and environmentalists. The government however decided that moving the GIB into the […]

Scotland calls for clarity on sale of UK green bank

Scotland is calling on the UK Government to provide clarity on the sale of the Green Investment Bank (GIB). Keith Brown, Cabinet Secretary for Economy, Jobs and Fair Work, has written to Industry and Climate Change Minister Nick Hurd following reports the current deal is under threat. MPs on the Environmental Audit Committee (EAC) recently […]

World’s first offshore wind fund assets pass £1bn

The world’s first dedicated offshore wind energy fund has passed its £1 billion asset target. The Green Investment Bank Financial Services (GIBFS) Offshore Wind Fund hit the milestone with the acquisition of its sixth asset, a 44% stake in the Lincs wind farm off the coast of Skegness. The share in the 270MW site was bought for […]

MPs concerned about UK green bank’s proposed sale

MPs on the Environmental Audit Committee (EAC) have raised concerns about the proposed sale of the Green Investment Bank to an Australian bank. They have sent a letter to Business, Energy and Industrial Strategy Secretary Greg Clark, seeking assurances as to how ministers intend to ensure any future sale guarantees the green purposes of the […]

GIB assets risk being sold off after privatisation

The Green Investment Bank’s (GIB) assets risk being sold off after the state-owned company is privatised. According to reports, Australian bank Macquarie is gearing up to sell some of the bank’s key assets once it secures the £2 billion deal to buy it from the UK government. The majority of these assets are whole ownerships or […]

GIB proposes ‘special share’ trustees

The Green Investment Bank (GIB) has revealed the names of the nominated trustees to run its “special share“. Earlier this year, the green bank unveiled details of the special share which aims to protect its green missions. The GIB said it will be held by a separate company called Green Purposes Company (GPC), independent of the bank and […]

GIB provides £10.2m for Kent’s street lights

The Green Investment Bank (GIB) is investing £10.2 million in a street lighting project in Kent. The money will part-fund Kent County Council’s £40 million project, which involves the replacement of 120,000 traditional streetlights with LED alternatives. It also includes the installation of a central management system to increase the efficiency of the local authority’s […]

UK’s green bank invests £28m in rubbish-to-energy plant

The UK’s green bank has invested £28 million in a new energy-from-waste power plant in Scotland. The 14.1MW plant at Millerhill is the Green Investment Bank’s (GIB) 18th investment in the country. The £142 million facility has the capacity to process up to 155,000 tonnes of non-recyclable waste from local residents into 94,000MWh of electricity each year. It is expeced to help reduce greenhouse […]

Pension fund invests in offshore wind

Strathclyde Pension Fund (SPF) is investing £30 million for offshore wind projects in the UK. The investment is being made through a follow-on deal with the Green Investment Bank (GIB). Members of the SPF expect returns of 9% to 11%. The pension fund said: “The current pipeline of further potential acquisitions is strong; the business case […]