Government announces green investment

Business Secretary Vince Cable has announced the Government is to invest £80m in green infrastructure.

The funding has been committed to two specialist fund managers - who will make and manage investments in the small scale waste infrastructure sector - by a specialist team within the Department for Business, Innovation and Skills (BIS).

All BIS investments made by the fund managers will be match-funded, leveraging in at least £80m more to the projects.

The Government is investing directly, on fully commercial terms, ahead of obtaining state aid approval for the UK Green Investment Bank (GIB).

The 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.

Business Secretary Vince 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.”

An initial fund of £50m will be managed by Foresight Group and an initial fund of £30m by Greensphere Capital. The maximum amount of individual investments is not likely to exceed £15m.

The Government will also make a further £100m available for investment in the non-domestic energy efficiency sector. A competition was launched last month for fund managers interested in working with BIS on this. The outcome of the competition will be announced in the summer.

Your News

If you've got a story that would be of interest to Builder & Engineer readers, send us an email

Features

2014-09-24 09:46

Latest figures reveal that London accounted for a third of the total value of UK construction contracts in August, dominating across commercial & retail, residential and education sectors

2014-09-24 09:43

Should industry qualifications be comparable across EU member states? Kevin Blunden from the Chartered Association of Building Engineers discusses

2014-09-24 09:32

With the rest of the building market starting to catch up with the robust housing sector, Alan Hope - chief executive of the Midas Group - argues that the construction industry still has to work hard to win customers’ loyalty.

2014-09-10 13:03

Despite promising signs of a sustained construction-sector recovery, the mind-set of austerity endures. So how can designers and contractors make lean budgets go further? Paul Lonsdale, operations director at Styles&Wood, explains

2014-09-10 12:56

Jonathan Dore, from Kingspan looks at how rooflights can help warehouses pass the 2018 EPC challenge

2014-08-27 11:32

The first report into a £17m project to test how easily houses can be retrofitted with eco features suggests that much more than just the building fabric is at stake, says Peter Baber

2014-08-27 11:23

A new social media campaign, Born to Build, has been launched by the UK Contractors Group, Stephen Ratcliffe explains the aims of the campaign

2014-08-27 11:10

Sandra Brandon project communications campaign manager at the Vehicle & Operator Services Agency explains why van compliance is important

Free E-newsletter Sign-Up

Sign up for our free e-newsletter

Looking for a company or service?