It has been revealed by Business Secretary Vince Cable that the UK’s Green Investment Bank has committed to an investment of £80 million to support the small scale waste infrastructure sector. The investments are planned to go towards the development of waste reprocessing and recycling facilities, as well as energy from waste projects and pre-treatment projects.
BIS has announced that every investment will require match funding, which will mean that an additional £80 million of capital will be infused into the sector. Following the EU state aid approval, BIS is currently handling the Green Investment Bank’s three billion pounds in investments ahead of the institution’s formal launch.
“These first investments are a landmark moment. They represent a great opportunity to unlock substantial commercial investment in green technologies and infrastructure,” said Vince Cable.
“The government has committed to setting the UK firmly on course towards a green and growing economy and today is another important step in that direction.
“Investing directly now shows that we are not just sitting on our hands while we wait for the UK Green Investment Bank to receive state aid approval.”
The funds available are more likely to be used to support small to mid-sized waste management projects rather than the very large waste-to-energy projects. Out of the initial funding given, £50 million will be managed by Foresight Group, with the other remaining £30 million to be managed by Greensphere Capital.
Green Investment Bank are going to target five investment areas with the funds they are in control of – two of which are waste recycling and processing and energy from waste generation. The other investment areas include offshore wind projects, non-domestic energy efficiency and green deal energy efficiency scheme.
A spokesperson for the Chartered Institute of Wastes Management said: “It’s really encouraging that waste has been identified as a priority. This is a drop in the ocean compared to the level of investment that will be needed by 2020, so the ability of the bank to leverage further investment will be very important. But this is a very welcome development and we look forward to seeing the lending criteria and which investments will be selected.”






















