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
Maersk Oil has begun drilling operations at the high pressure/high temperature (HPHT) Culzean field in the North Sea. The well is the first of six production wells to be drilled at the site and first gas is estimated to be produced in 2019. The five-year operation has been prepared for by simulati
Four wave energy projects have been awarded £2 million in funding to support further design, modelling and testing of technologies. Wave Energy Scotland (WES), a subsidiary of Highlands and Islands Enterprise (HIE), selected the projects as the most promising of eight applications from contractors
The Scottish Government has allocated £2.7 million in funding to build an enterprise hub and industrial workshops in Kincardine, Fife. The money is part of a £10m local economic development fund announced by the Scottish Government in its Cconomic Stimulus Package, which will support 16 projects ac
A project milestone has been reached a £5.6 million regeneration scheme in Falkirk. As part of the town centre's Townscape Heritage Initiative (THI), the weather cockerel on the town's Steeple has been reinstated following repair and re-gilding works by AL Sillars of Glasgow. Land Engineering is c
Esh Border Construction has started building a new cafe and bridge as part of a £3.64 million regeneration project in the Scottish Borders. The Wilton Lodge Park Regeneration scheme, which is due to be completed in April 2018, is being funded by the council and the Heritage Lottery Fund. Esh has r
The final phase of a £650,000 road improvement programme is to begin in North Ayrshire. Scotland TranServ will start renewing over 40 metres of road surface on the A78 through Largs Main Street from Monday, 07 October. The works will help improve the route for over 4,500 vehicles which travel thro
Midlothian Council has agreed to provide additional funds towards a fire safety project at a care home in Penicuik. A total of £300,000 had already been agreed for the scheme at Pentland House. However, further funds have been approved by the local authority to appoint a specialist contractor for t
Aberdeen-based Wood Group has created a new data analytics centre of excellence in Ireland. The facility was established at the oil services firm's Galway office and is part of the company's plan to grown its data analytics team to ten people by the end of this year. The centre will enhance Wood G
Maintenance work is underway at a recycling centre in Perth and Kinross P&K). Workers have begun carrying out upkeep work at the Transfer Station at Blairgowrie Recycling Centre. Cllr Alan Grant said the project is expected to take between six to eight weeks and is asking householders to be aware
Cruise ship passengers have begun using new onshore facilities at Fort William's West End car park, it has been announced. The Fort William Marina and Shoreline Company (FWMSC) carried out the project at the waterfront, which includes a shelter to provide protection from the weather and an informat