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Bids now in to host Green Investment Bank

Competition to host the Green Investment Bank is fierce with 32 sites applying says business secretary Vince Cable who will reveal the successful bidder next month.

The GIB will start with a £3bn fund, which will be aimed at accelerating private sector investment in the UK’s green economy and infrastructure.

“I am delighted that the Green Investment Bank has fired the imagination of so many public and private sector groups keen to host this world-first institution,” said Cable. “They all have a role to play in helping the UK seize the benefits of a transition to a low carbon economy.”

Technologies favoured by the GIB include offshore wind power, commercial and industrial waste processing and recycling, energy from waste.

It will also prioritise schemes that improve non-domestic energy efficiency and the Green Deal scheme that aims to boost the energy efficiency of British properties.

The submissions will now be examined against the criteria by a review panel who will advise Cable. The site should be cost effective and able to recruit and retain specialist staff to run the organisation. It must also work with other parties involved in deals and other investment bodies as well as green technology providers.

 

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