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

2014-07-16 10:03

Mental health is one of the biggest threats to the wellbeing of business and society but still no-one’s really talking about it, says Holly Squire

2014-07-16 09:48

As part of a comprehensive risk assessment it falls to land and property owners to provide a safe and secure external environment, an important part of this being the management of trees as Mal Vickers, explains

2014-07-16 09:39

Since new guidance came out earlier this year, one often overlooked aspect of planning is tripping many “dead cert” developments up just at the finishing line says David Bridgewood

2014-07-01 15:08

Alastair Kerr, director general of the Wood Panels Industries Federation (WPIF) and spokesperson for the JOSB Done campaign, looks into the confusing world of wood

2014-07-01 13:27

Brian Morris, MD of sustainable building services design firm, BCM, writes about his company’s experience with Level 2 BIM and the implications of legislation on the future of the industry

2014-07-01 13:14

Joan Murray, explains why she thinks it’s crucial to encourage more young people, especially girls, to take up engineering and technical roles.

2014-06-18 12:38

Moving to cloud-based accounting software can transform the working lives of tradespeople, says Gary Turner

2014-06-18 11:39

When it comes to falls from height, the most commonly used safety solutions focus on stopping the fall in its tracks. But Darren Cooper, argues that emphasis needs to be placed on fall prevention to reduce injury rates

Free E-newsletter Sign-Up

Sign up for our free e-newsletter

Looking for a company or service?