The
Government's £3bn flagship scheme to encourage private sector money into low
carbon technology and green initiatives is on the hunt for projects with which
to formally launch in October.
Officials
preparing the launch of the Green Investment Bank are understood to have met
with a number of businesses about committing cash to a number of
environmentally friendly schemes, such as recycling plants.
On of the
first such projects, a £21m organic waste facility in Dagenham Dock run by the
TEG Group, will confirm its funding today. It has received £2m from the Green
Investment Bank and further
support from the Mayor of London.
The UK Green
Investments team, a precursor to the bank, has set up four funds to invest cash
in £180m of projects, though each one would typically be worth less than £30m
and involve co-investing with the company involved.
The spokesman
added that the officials are also looking at other initiatives, including
offshore wind, waste recycling facilities, and energy-from-waste projects.
The bank will
be run by several heavy-hitters from the private sector. The chairman is Lord
Smith of Kelvin, who is chair of energy giant SSE and the 2014 Glasgow
Commonwealth Games organising committee, and his deputy is Sir Adrian Montague,
who is chairman of private equity group 3i and led the advisory group that set
up the bank.
A senior
director at a major waste management company said: "We are having a
dialogue with the Government ahead of the formation of the Green Investment
Bank. The UK has been a really bad place for waste management, for many years
only behind countries in Europe like Greece and Portugal."
The bank will
be run from bases in London and Scotland. The process of appointing a chief
executive is underway, which ministers hope will be finalised before the bank
receives its expected approval from the European Union for state aid over the
next few months.
The bank has
been given the objective of helping the UK transform itself into a low-carbon
economy.
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