The Green Investment Bank Opportunity
Bioenergy industry players need to read the article, “UK Green Investment Bank opens for business,” by Erin Voegele. The piece outlines a new opportunity for several renewable energy project developers in the UK. Formed through the U.K. Department for Business, Innovation & Skills, the U.K. Green Investment Bank plc has been allocated roughly $3.8 billion to invest in offshore wind, waste, non-domestic energy efficiency, biofuels for transport, biomass power, carbon capture and storage, marine energy or renewable heat. The money has to be spent by April 2015.
The investment bank is solely dedicated to green energy, and according to the U.K. Department for Business, Innovation & Skills, is the first in the world. Gilbert McCarthy, managing director of Kingspan Insulated Panels, (the recipient of nearly $6 million through the investment bank) has offered a bit of commentary that helps to put the significance (hopefully) of this new opportunity into perspective. “We are delighted to be involved in this first Green Investment Bank project,” McCarthy said, “which will blaze a trail, not just for our own net zero energy targets, but for any company that is serious about reducing energy demand and carbon emissions.”
The funding from the Green Investment Bank will be given out through a few select managers. Greensphere Capital LLP, one of two fund managers selected from a pool of 23 applicants, has already awarded funding to an anaerobic digester project. Greensphere has been allotted roughly $100 million already, and according to the company, investments made by fund managers will be matched by private investment dollars.
Along with Greensphere Capital LLP, Foresight Group is also a fund manager. For contact information for both fund manager groups, and more on the Green Investment Bank, click here.