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Green Bank targets 20 big deals
29 June 2012
The Green Investment Bank will focus on investing in 20 ‘big ticket’ projects over the next three years, its chairman has said.
Speaking to the Scotsman, Lord Smith said the bank will seek to invest its funds in 20 deals between £50-£200m in value.He pointed out the £3bn put into the bank has to be spent by April 2015, when it is scheduled to get its own borrowing powers.
“We have three years,” said Lord Smith. “This is a sprint. It is not a huge amount of time.”
Business Secretary Vince Cable announced in December that the bank will focus on offshore wind power projects and waste schemes, as well as non-domestic energy efficiency and supporting the Green Deal initiative.
In March, it was announced the Green Bank would be headquartered in Edinburgh, but Lord Smith told the newspaper he expects around 70% of the organisation’s staff to be based near Westminster.
