Prime Minister David Cameron has praised the UK Green Investment Bank (GIB) during a visit to its headquarters in Edinburgh.
He met GIB bosses including chief executive Shaun Kingsbury, head of investment banking Edward Northam, head of sustainable finance Gavin Templeton, portfolio director Martin Langham, associate Emma Strong and chair Lord Smith of Kelvin for a general briefing on future plans.
The visit comes five years after the Prime Minister’s original commitment to establish the organisation.
Since its launch in November 2012, GIB has funded £1.8bn to 46 projects across the UK supporting £7bn of new investment in energy infrastructure.
Cameron said: “It is leading the world in finding innovative solutions to make sure that the UK is at the forefront of the next generation of energy infrastructure.”
Lord Smith of Kelvin said: “Our innovative business model is working - we are investing to support new projects, mobilising private capital and helping to establish new markets, all on fully commercial terms. These green investments will result in vital new, modern energy infrastructure for the UK and deliver a profit for UK taxpayers.”
In February, GIB launched the Recycling and Waste fund, managed by Foresight Group, which aimed to raise at least £50m from the private sector.
With £3.8bn of Government funding, but operating independently, the GIB was set up to accelerate the UK’s transition to a greener economy and step in when traditional investors were wary of backing certain schemes.