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GIB missed £775m investments target

The Green Investment Bank (GIB) fell short of its capital investment commitment objective by £140m, according to its first annual report.

The report reiterated figures released in May showing the bank committed £635m in 11 projects in its first five months.

This fell short of the initial target to commit £775m by 31 March 2013. The GIB’s remuneration committee scored the bank’s performance at 76%, based on this and other business objectives.  

Five investments have gone to waste/biomass projects, including a combined heat and energy plant in Cambridge and a local authority-managed recycling centre in Wakefield, West Yorkshire.

Overall, 25% of GIB’s capital commitments have gone to waste projects, and 16% to biomass. The report said total income of £8.1m had been made in its first five months.

It also warned the financing market for long-term energy-from-waste projects had been “badly hit” by the global financial crisis.

The report said: “We, therefore, anticipate being needed to support a number of further such financing in the coming years.”

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.”

Business secretary Vince Cable said: “It has already made a positive start, with £635 million committed to green projects and with every £1 invested leveraging another £3 of private investment.

“The bank has a number of strong deals in the pipeline, which will help it to build on the solid foundations that have now been laid.”

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