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UK's Green Investment Bank Launches, Funds Two Projects

Nov 28, 2012
Source: 
(Reuters)

British government-backed Green Investment Bank, designed to spur private funding for low-carbon energy initiatives, has provided 13 million pounds ($21 million) finance for two projects.

The bank, headquartered in Edinburgh and capitalised with 3 billion pounds government money, received state aid approval from the European Commission last month.

One of two projects that received funding on Wednesday was a group of six plants that will generate energy from waste in northeast England. They receiving 8 million pounds.

The other project, earmarked for a 5 million pound investment, will retrofit the British facilities of Irish construction company Kingspan with material to make them more energy efficient.