The UK Green Investment Bank has opened for business, beginning with two eco-investments.

The Edinburgh-based bank’s investments will help build a waste plant in Teesside and make Kingspan’s factories more energy efficient.

Business secretary Vince Cable announced the two schemes in Edinburgh at the bank’s headquarters as it officially opened.

One of the projects will be to provide £8m towards the construction of an Anaerobic Digestion (AD) plant at Teesside.

This is expected to attract a further £8m of private sector funding and will be the first of six plants planned over the next five years.

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It is also investing £5m to retrofit Kingspan’s UK factories to reduce energy consumption by as much as 15%.

The first modifications are due at Kingspan’s Holywell factory in North Wales next month. The development will include the installation of energy metering, building management systems, lighting, motor replacement and compressed air and fan optimisation measures.

Vince Cable commented: "The Green Investment Bank – a key coalition pledge – is now a reality. It will place the green economy at the heart of our recovery and position the UK in the forefront of the drive to develop clean energy.

"Three billion pounds of government money will leverage private sector capital to fund projects in priority sectors from offshore wind to waste and non domestic energy efficiency, helping to deliver our commitment to create jobs and growth right across the UK."

(IT/GK)