The Business Secretary Vince Cable announced today that the first ever UK Green Investment Bank (GIB) will be based in Edinburgh and London.
The headquarters of the GIB will be located in Edinburgh, with the GIB’s main transaction team based in London. This arrangement will enable a greater commercial reach nationally than could be achieved from one location.
Sitting the bank across these two locations will enable the GIB to become a world leader, playing to the strengths of Edinburgh and London.
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 said: "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 next step for the GIB is the recruitment of the Chair and Senior Independent Director so that it will be in a position to be fully operational this Autumn, subject to state aid approval for the GIB. The GIB is expected to employ 50-70 full time equivalent staff across the two sites.
Time and date
First Minister Nicola Sturgeon has reaffirmed a pre-election pledge to deliver thousands of 'affordable' homes over the next five years. In her speech at Holyrood, Mr Sturgeon said the government will ensure at least 50,000 new homes will be built during parliament, including at least 35,000 for so
Balfour Beatty has reached a major milestone on the development of a new railway station concourse in Dundee. Over 40 support beams weighing 18 tonnes each have been installed to support the new concourse and buildings over the main east coast rail line. In addition, work is continuing on developi
A number of bridge beams are due to arrive this weekend for the Aberdeen Western Peripheral Route/Balmedie to Tipperty (AWPR/B-T) project, Transport Scotland has announced. Weighing around 65 tonnes each, the five concrete beams will begin arriving on site from 8am on Sunday, 29 May. A 42 metres l
Oil giant Shell has revealed it is cutting 475 jobs in the North Sea. The company blamed falling oil prices as it announced it was cutting another 2,200 jobs worldwide. Union Unite warned that if the current rate of jobs attrition in the oil and gas sector continues, there will be "no viable North
Plans have been approved to build a new swimming pool as part of a schools replacement project in Moray. Councillors voted in favour to build a new 800-capacity school instead of a straightforward replacement for Lossiemouth High School. The cost of the new school and swimming pool is estimated at
Clackmannanshire Council is encouraging community groups to apply for grants from the £100,000 Community Development Fund. The initiative aims to help regenerate and improve the physical environment and community facilities in the region. Grants can be put towards various uses, including securing
A £95,000 coastal erosion engineering project has been completed in Argyll and Bute. The scheme was carried out by the Anderson Group and involved installing 2,000 tonnes of rock armour along a 140 metre stretch of coastline in Furnace. The project, which was jointly funded by the council and Scot
Morrison Construction is to begin roof repairs at Stromness Primary School. Scaffolding will be erected on Saturday, 28 May, and slate repair works will begin on 06 June. Peter Diamond, Orkney Islands Council's Head of Schools, said: "The loss of slates from the roof was clearly not an acceptable
Over £40 million is to be invested in upgrading cycling and walking projects in Scotland. Infrastructure improvements will be carried out on more than 150 projects as part of Sustrans Community Links programme. The organisation has awarded over £18m through the programme during the coming financia
A student pavilion building project in Clackmannanshire has won an accolade at the Scottish Design Awards. The new building was developed in the grounds of Dollar Academy School and received the Best Best Education Building or Project Award. The teaching block development was delivered by CCG over