Construction Logo For Mobile
Time and date
Share this page
Construction News

First GIB To Be Based In Edinburgh And London

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.

Grille City Aluminium

"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.


Latest Construction News


BAM Construction has been selected to build new headquarters for chemicals company Ineos. The £17 million headquarters will be developed on Inchyra Road at Ineos' 1,700 acre site in Grangemouth. The building has been designed by Michael Laird Partnership and will have four storeys comprising over

Architecture firm ADP has opened a new studio in Edinburgh. The opening comes after the practice secured university commissions for Edinburgh and Heriot-Watt. Led by Director Graeme Feechan, the five-person team will be supported by 120 staff across eight UK studios. Mr Feechan said: "We believe

EDF Energy is underway with maintenance works on a power station's nuclear reactor in North Ayrshire. During routine inspections, engineers discovered three graphite blocks were cracked on one of the two nuclear reactors at the Hunterston B power station. Known as keyway root cracking, the mainten

Isleburn has been awarded a contract to provide suction anchors for the world's first floating wind farm in Aberdeenshire. Statoil selected Isleburn after the Norwegian energy firm was granted a licence for the project at Buchan Deep, 25km off the shore of Peterhead. Isleburn has now been tasked w

Drum Property Group has revealed further details of a £35 million shopping centre redevelopment in Ipswich. A new 12-screen Empire cinema will be located at the heart of the redeveloped Buttermarket shopping complex. Other features of the project include a new 20,000 sq ft gym, nine new restaurant

Approval has been granted for a £56.7 million transformation of Paisley's museum in Renfrewshire. Plans to redevelop the town's museum were given the green light by councillors on 18 November. The scheme is part of Paisley's bid to be the UK City of Culture in 2021. Features of the project includ

A number of Doosan Babcock jobs are 'at risk' in Renfrewshire, it has been revealed. The engineering group did not specify how much of the workforce will be cut. However, it is understood approximately 1,000 staff are based in Renfew. A consultation process with the affected staff has now been la

McGregor Construction has completed repair work to a historic bridge in the Highlands. The company was awarded a £175,000 contract to replace the original parapets on the Evanton arch road bridge. Over the years, the sandstone masonry parapets had deteriorated due to years of water spray from the

Further ground investigations are being carried out at a former quarry in the Highlands, it has been announced. A two week survey is taking place at the 4.2 hectare Kingsteps Quarry in Nairn. The work involves excavating trial pits across the site to ensure it can be safely used by the public as a

Argyll and Bute Council is inviting residents to view the new Helensburgh and Lomond Civic Centre this week. The building centralises services for the two regions into one new facility on East Clyde Street in Helensburgh. The project involved refurbishing the Grade B listed former Clyde Street Sch
Conway Piling (U.K.) Ltd.MMR LimitedCloburn Quarry CompanyCyclone Steel Buildingseco Insulate LtdContainexBrican Fabrications LimitedSigno Lighting ltdM J Harrison Supplies LtdTHT Scaffolding Company Ltd.
Terms and Conditions