Green Investment Bank boss calls for his borrowing restrictions to be lifted
The CEO of the UK government-backed Green Investment Bank (GIB) Shaun Kingsbury says he could raise up to £60bn to fund low carbon energy infrastructure, from wind farms to wave power, if the restrictions on his ability to borrow in the capital markets were lifted, writes the Guardian.
The institution has spent only £1.3bn of its £3.8bn seed capital but Mr Kingsbury says the project developers have been able to raise £3 from the private sector for every £1 provided by GIB.
“We will eventually need more capital. It may come in as debt or equity. There are all sorts of different flavours of capital that we could access. I would like to have somewhere between £10bn and £15bn,” says the former Shell executive, who quit the oil business for a career in private equity and the low carbon sector.