UK's Green Investment Bank funds two projects


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.

The bank started investing in projects earlier this year under commercial terms, committing 180 million pounds to specialist fund managers for co-investment in smaller energy projects.

It will be given full borrowing powers by around 2015 and has chosen offshore wind, waste and non-domestic energy efficiency as priority projects.

Business secretary Vince Cable, who officially opened the bank on Wednesday, said: The Green Investment Bank - a key coalition pledge - is now a reality. It will place the green economy at the heart of our recovery and position the UK in the forefront of the drive to develop clean energy.

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