Green Investment Bank invests £635m in first year
The Green Investment Bank (GIB) invested £635m in its first year of operation but recorded a net loss of £6.2m, according to the bank’s first annual review, reports Edie.net.
In its first five months the bank committed funds to 11 transactions amounting to £2.3bn. Of this the GIB directly committed £635m, resulting in a funding ratio that sees £1 from GIB mobilising almost £3 of private sector money.
Investments included £100m in Drax power plant to convert biomass, £57.5m in Rhyls Flats wind farm and £125m in the Green Deal.
GIB chief executive Shaun Kingsbury said: “In our first, short year we’ve made great strides in putting in place the foundations upon which we will build an enduring institution. It remains early days but our first results show that we can be successful in achieving our double bottom line of being green and behaving commercially.”