Date Created: 23 March 2012
"The size and scale of the UK’s single energy market ensures the level of investment that will unlock Scotland’s renewables future, providing sustainable and affordable green energy across the UK."
The UK Business Secretary Vince Cable MP has announced that the first ever UK Green Investment Bank (GIB) will have its headquarters in Edinburgh.
The GIB’s main transaction team will be based in London, and the two locations will allow a greater commercial reach nationally than could be achieved from one location.
Siting the bank in the two capital cities will enable the GIB to become a world leader, playing to the strengths of both, and provide employment for 50-70 full time equivalent staff in both centres.
Mr Cable said:
"Harnessing the strengths of Edinburgh and London will support the Green Investment Bank’s ambition to become a world leader.
"Edinburgh has a thriving green sector and respected expertise in areas such as asset management. London, as the world’s leading financial centre, will ensure that the GIB’s transaction team can hit the ground running.
"This decision will allow the GIB to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UK’s transition to a green economy."
Scottish Secretary Michael Moore welcomed the newsd:
"I am delighted that the Green Investment Bank will be headquartered in Edinburgh. Scotland has enormous green energy potential and its capital is the UK’s second biggest financial centre.
"The size and scale of the UK’s single energy market ensures the level of investment that will unlock Scotland’s renewables future, providing sustainable and affordable green energy across the UK. It makes perfect sense to have a GIB presence there.
"By basing the GIB’s corporate HQ, asset management and administrative functions in Edinburgh and its transaction team in London, we can harness expertise across the country to deliver a strong and successful GIB for the UK."
The GIB is expected to be fully operational later this year.
Scotland's banking industry