This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
Paving the way for the UK Green Investment Bank, UKGI has committed up to £100 million to two specialist fund managers, Sustainable Development…
Paving the way for the UK Green Investment Bank, UKGI has committed up to £100 million to two specialist fund managers, Sustainable Development Capital (SDCL) and Equitix.
Equitix and SDCL will make and manage investments in non-domestic energy efficiency projects. These investments could range from energy performance contracts to measures to reduce energy consumption in public and private sector buildings.
Business Secretary Vince Cable said:
“The appointment of two fund managers with £100 million to invest in the non-domestic energy efficiency infrastructure sector shows that we are making good progress.
“Projects the fund managers invest in will help to save energy and meet the Government’s carbon reduction targets.”
**Notes to editors:
**1. The UK Green Investment Bank (UK GIB) is designed to accelerate private sector investment in the UK’s transition to a green economy. Offshore wind power generation, waste processing and recycling, energy from waste generation, non-domestic energy efficiency and support for the Green Deal will be the first priority sectors for the UK GIB, subject to approval by the European Commission.
The Bank is expected to be fully operational later this year, subject to state aid approval. In the meantime, the Government is paving the way for its establishment of by making investments, on commercial terms, in green infrastructure. These investments are being made by the UK Green Investments team at the Department for Businesses, Innovation and Skills. (BIS).
The competition seeking experienced fund managers to manage Government investments in non domestic energy efficiency projects was launched in March 2012.
Equitix is a UK based specialist Infrastructure Investor, Manager and Developer, focused on investments in core infrastructure. Working in partnership with UK government entities, Equitix aims to make socially responsible, sustainable investments in communities. Equitix sources deals from its own development arm alongside the wider market, where it partners with construction companies, service companies and funders. The team typically invest in projects in sectors including healthcare, education, social housing, highways, street lighting, offshore transmission and waste. See http://www.equitix.co.uk for more information.
Sustainable Development Capital (SDCL) is a specialist financial and investment advisory firm, established in 2007 to help governments, financial institutions and corporates finance environmental and social infrastructure assets and services. It seeks long-term value, increased efficiency and superior risk-adjusted investment returns through scalable business models that positively impact the environment and society. SDCL’s advisory business is focussed on facilitating the supply of clean infrastructure. Its investment business is focussed on reducing demand for resources through energy efficiency. See http://www.sdcl-ib.com for more information.
In April 2012 BIS appointed two fund managers - Foresight and Greensphere to initially manage £80 million in small scale waste projects.
The Government is investing directly, on fully commercial terms, ahead of obtaining state aid approval for the UK Green Investment Bank (UK GIB). All BIS investments made by the fund managers will be match-funded with private sector capital.
- The Government’s economic policy objective is to achieve ‘strong, sustainable and balanced growth that is more evenly shared across the country and between industries.’ It set four ambitions in the ‘Plan for Growth’ (PDF 1.7MB), published at Budget 2011:
- To create the most competitive tax system in the G20
- To make the UK the best place in Europe to start, finance and grow a business
- To encourage investment and exports as a route to a more balanced economy
- To create a more educated workforce that is the most flexible in Europe.
Work is underway across Government to achieve these ambitions, including progress on more than 250 measures as part of the Growth Review. Developing an Industrial Strategy gives new impetus to this work by providing businesses, investors and the public with more clarity about the long-term direction in which the Government wants the economy to travel.
- BIS’s online newsroom contains the latest press notices and speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See [http://www.bis.gov.uk/newsroom](http://www.bis.gov.uk/newsroom) for more information.
Notes to Editors
Name BIS Press Office Job Title
Division Department for Business, Innovation & Skills Phone
Name Rebecca Murrell Job Title
Division Department for Business, Innovation and Skills Phone 020 7215 6403 Fax
Published: 6 August 2012