26/04/2012 - Government to Invest £80 Million in Green Infrastructure
The Business Secretary Vince Cable has announced details of a new Government investment in the UK's green infrastructure.
A total of £80 million has been committed to two specialist fund managers who will make and manage investments in the small-scale waste infrastructure sector. This will be undertaken by a team within the Department for Business, Innovation and Skills (BIS).
An initial fund of £50 million will be managed by Foresight Group and an initial fund of £30 million by Greensphere Capital. The maximum amount of individual investments is not likely to exceed £15 million.
A further £100 million will also be earmarked for investment in the non-domestic energy efficiency sector.
The Government is investing directly, on fully commercial terms, ahead of obtaining State Aid approval for the UK Green Investment Bank (GIB). All investments made will be match-funded, leveraging in a minimum of £80 million of additional funding for projects.
Fund managers will be responsible for generating and managing investments in areas such as waste recycling and reprocessing facilities, pre-treatment projects and energy-from-waste projects.
Announcing the investment, Mister Cable said:
"These first investments are a landmark moment. They represent a great opportunity to unlock substantial commercial investment in green technologies and infrastructure. The Government has committed to setting the UK firmly on course towards a green and growing economy and today is another important step in that direction.
"Investing directly now shows that we are not just sitting on our hands while we wait for the UK Green Investment Bank to receive state aid approval."
Source: Department for Business, Innovation & Skills, 25/04/2012
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