The UK Green Investment Bank has launched a new £50 million fund that will target smaller-scale, innovative, recycling and waste projects across the UK.
The Green Investment Bank was created by the government with that aim to use its finance to back green projects on commercial terms and mobilise other private sector capital into the UK’s green economy. One of the bank’s key targets requires an investment of £330 billion in the UK’s green sectors by 2020.
The new fund, Recycling and Waste LP (RAW) will be managed by Foresight Group and will raise at least a further £50 million from private sector co-investors to match the investment made by the bank. The fund is described as already having an “extensive pipeline” in place.
Making the announcement, business minister Matthew Hancock MP said, “This investment by the Green Investment Bank will be used to fund biopower projects that will put the UK at the forefront of this innovative green technology, turning local waste wood to electricity.
“Today I have been able to see first-hand the work that is being done to get projects off the ground.”
The announcement of the new fund was made during a visit to the Birmingham BioPower project , which is currently under construction. The £47 million project will divert up to 67,000 tonnes of recovered wood from landfill every year. The plant is expected to produce enough electricity to power more than 17,000 homes.
“Investing our capital through funds has proven to be an important and successful part of our investment strategy, allowing us to back a wider range of smaller projects rights across the UK,” commented Shaun Kingsbury, chief executive of the Green Investment Bank.
Photo: perfortunasonosiculo via Flickr
Like our Facebook Page
Investing in a Sustainable Environmental Future for Northern Virginia
Prominent Trends in Seafood Sustainability in 2022
Can PEMF Help To Improve Plant Growth for Eco-Friendly Gardeners
How the U.S. Government is Promoting Green Energy in the Country
12 Essential Things for Buying Your First Home
Harnessing Sustainability with User-Centric Technology Innovation
Making Your Dream of Having an Eco-Friendly Garden Come True
Tips for Optimal Waste Management in Your Home
The Agricultural Benefits of Weather Stations for Eco-Friendly Farmers
What Makes Online Furniture Eco-Friendly?
7 Eco-Friendly Plant-Based Alternatives for Everyday Products
Top 5 Benefits of Eco-Friendly Cars
Why Eco-Friendly Homes Should Have Outdoor Bathrooms
Merits of Sustainability Reporting: What Every Manager Must Know
Low Emission and Clean Air Zones: What You Need To Know
4 Ways To Build A Sustainable Home
CEO Brian Ladin Explains How The Shipping Industry Is Going Green
A Guide to Eco-Friendly Landscaping
Why Transitioning Your Company to an EV Fleet Makes Sense?
6 Practices for Sustainable and Eco-Friendly Plant Operations
- Features11 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy11 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features11 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Features10 months ago
5 Compelling Reasons to Hire an Eco-Friendly Contractor