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Government names Green Investment Bank chief

The business seretary, Vince Cable, has appointed a chief executive for the Green Investment Bank (GIB).

Shaun Kingsbury will join the bank from private equity firm Hudson Clean Energy Partners where he was investment

Shaun Kingsbury GIB

Shaun Kingsbury

partner responsible for Europe.

Kingsbury will work alongside the GIB’s chair Lord Smith of Kelvin and deputy chair Sir Adrian Montague, who were appointed in May.

The waste and recycling sectors have been named as priority areas for GIB funding, designed to accelorate private investment. Ministers previously announced £100m of funding through its predecessor, UK Green Investments  for smaller waste projects.

Cable also announced six new non-executive directors. They are:

  • Professor Dame Julia King, vice-chancellor of Aston University and UK low carbon business ambassador.
  • Fred Maroudas, finance director of heathrow airport and chair at UKGI investment committee.
  • Tom Murley, leads the renewable energy team at HgCapital.
  • David Nish, chief executive at Standard Life.
  • Isobel Sharp, advises Deloitte LLP on corporate reporting, governance and public policy matters, and visiting professor at the University of Edinburgh Business School.
  • Tessa Tennant, Tessa co-founded Jupiter Ecology Fund, the UK’s first equity investment fund for sustainable development in 1988.

Cable said: “I am delighted that we have been able to appoint people of such high calibre to the Board of the UK Green Investment Bank. I have every confidence that the team will build on the good progress already made, leading the Bank into full operation and developing a truly ground breaking institution.”

According to his biography at Hudson, Kingsbury background is in renewable energy investment and was founding partner of Pulsar Energy Capital. He also sits on the British Venture Capital Association’s energy, environment and technology group and founded the Low Carbon Finance Group which advises Government.

The GIB is expected to become fully operational later this year after it receives state aid approval from the European Commission. Currently its operations are being carried out by a predecessor team at UK Green Investments (UKGI) based at the Department for Business Innovation and Skill (BiS).

Earlier this month UKGI made its first investment in the sector; of £2m to London’s first anaerobic digestion plant.

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