VINCE Cable will officially open the UK’s “green” bank based in Scotland, as he announces details of its first investments.
Funded with £3billion of Government money, the The Green Investment Bank (GIB) in Edinburgh, will help to develop a green economy.
First to benefit from the fund is a project in the north east of England that will generate energy from waste.
Around £8million will go to the construction of an anaerobic digestion (AD) plant at Teesside, the first of six planned over the next five years.
This will be matched with a further £8million from the private sector, according to the Government.
The GIB will also invest £5million to fit manufacturer Kingspan’s UK industrial facilities with systems that will reduce its energy consumption by 15 per cent.
Speaking in Edinburgh, where the new bank is headquartered, Mr Cable will say: “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.
“Three billion pounds of Government money will leverage private sector capital to fund projects in priority sectors from offshore wind to waste and non-domestic energy efficiency, helping to deliver our commitment to create jobs and growth right across the UK.”