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
The Royal Town Planning Institute (RTPI) has published three new papers on how to transform Scotland's planning system. Each publication focuses on a specific proposals outlined in the organisation's response to the Government's 'Places, People and Planning' consultation paper, which set out 20 pro
Work has started on a new £4.9 million housing development in Helensburgh. Argyll Community Housing Association (ACHA) is working in partnership with developer Callum Williamson Ltd to deliver 38 new flats and houses at Jutland Court. The scheme, which involves demolishing derelict flatted blocks
A new high voltage direct current (HVDC) Centre has been opened in Cumbernauld, North Lanarkshire. The facility, which is owned by Scottish and Southern Electricity Networks (SSEN), is the first of its kind in the UK. It provides an industry-wide collaborative testing facility for electricity tran
Two new primary schools have been opened in East Dunbartonshire. Children from the former Auchinairn and Woodhill Primaries have now moved into the new £12.4 million Thomas Muir Primary in Bishopbriggs, with pre-schoolers moving into the adjoining Cleddens Early Learning & Childcare Centre (CEL&CC)
Plans have been submitted to develop a new school in Fife. A Proposal of Application Notice has been lodged to deliver a £50 million replacement building for Madras College at Langlands. Earlier this year, Fife Council's Executive Committee conditionally approved the Langlands site as the preferre
EDF Energy Renewables (EDF ER) has unveiled three new wind farms which can produce enough electricity to power nearly 60,000 homes. Two of the sites are located in Scotland, with the other in England - Pearie Law in West Lothian, Corriemoillie in the Highlands and Beck Burn near Carlisle, Cumbria.
Around £6.4 billion of Scottish construction projects are either being delivered or due to start construction in 2017, it has been revealed. The Scottish Government's Infrastructure Investment Plan states almost £2.8bn of schemes are set to either set to be completed or become operational this year
Robertson Group has been selected to deliver a new £4.95 million community facility in Auchinairn. The development will be built on the site of the old Auchinairn Primary School and construction is scheduled to begin on Tuesday, 02 May. Designed by Holmes Miller, the facility will provide a range
Clark Contracts has secured five new maintenance deals worth over £2 million across Scotland. The contractor has been selected by Mydentist to carry out planned and reactive maintenance at 42 of its branches, while JD Sports has also reappointed the contractor to deliver planned and reactive mainte
East Dunbartonshire Council has unveiled its new five-year Local Housing Strategy (LHS). The document sets out how investment will be made in housing and developing housing services across the region up until 2022. Its five strategic priorities include; • Enable a suitable, efficient and affordab