The U.K. Green Investment Bank has announced 2014-&rsquo;15 results and a plan to raise private capital. The organization also noted that after 2.5 years of operations, it has reached profitability.
According to information released by GIB, the bank backed 22 new green energy projects in 2014-&rsquo;15, committing &pound;723 million ($1.138 billion) of its own capital to projects with a total value of &pound;2.5 billion. Since it was established, GIB has committed &pound;2 billion to 50 projects worth more than &pound;50 billion. Together, those projects are estimated to have the capacity to produce enough renewable energy to power 4.2 million U.K. homes each year.
GIB estimates that it attracts &pound;3 from other private sector investors for every &pound;1 it invests. The bank also indicated 2014-&rsquo;15 was the first year it began operating profitably with profit before tax of more than &pound;3 million during the second half of the year. The full-year profit was &pound;100,000.
&ldquo;In two and a half years of operations GIB has established a successful business model. We have played an important role in strengthening energy supply and security, reducing energy demand and decarbonizing our economy,&rdquo; said Lord Smith of Kelvin, chair of GIB. &ldquo;We have achieved all of this by investing profitably.&rdquo;
&ldquo;Our challenge now is to build a funding strategy which provides us with the capital to match our investment ambitions,&rdquo; Smith continued. &ldquo;The U.K. government led the world in their vision and commitment in setting up the world&rsquo;s first dedicated green investment bank, so we are delighted to have their support as we enter a new phase and seek additional investors in our business.&rdquo;
&ldquo;In 2012 we set up the Green Investment Bank to support important investment in the U.K.&rsquo;s green infrastructure and since then it&rsquo;s gone from strength to strength,&rdquo; said George Osborne, Chancellor of the Exchequer.
&ldquo;That is why we can now begin exploring options for moving the bank into the private sector to enable it to access larger pools of capital and act more freely to invest in a broad range of green sectors,&rdquo; he said.
&ldquo;We want the Green Investment bank to attract more investment and we will use the money we raise to pay down the national debt and deliver lasting economic security for working people,&rdquo; Osborne continued.
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U.K. Green Investment Bank has contributed funding to several bioenergy projects, including this waste-to-energy plant in Hoddesdon, Hertfordshire. 

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The U.K. Green Investment Bank has announced 2014-'15 results and a plan to raise private capital. The organization also noted that after 2.5 years of operations, it has reached profitability.            


U.K. GIB announces results, plans to raise private capital

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