ALEXANDER WELCOMES - GREEN INVESTMENT BANK TO BE BASED IN EDINBURGH AND LONDON

8-Mar-2012

ALEXANDER WELCOMES - GREEN INVESTMENT BANK TO BE BASED IN EDINBURGH AND LONDON

The Business Secretary Vince Cable announced today (8 March) 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.

Business Secretary Vince 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."

Highland MP Danny Alexander welcomed the news, commenting:

"The Highlands have enormous green energy potential. I am delighted that the Green Investment Bank will be headquartered in Scotland, recognising how important our area is to the future of energy production.

"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's good news for the Highlands that the GIB will be in Scotland, but we will have to work hard to make sure it focuses on the huge opportunities in the north of Scotland too.

"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."

ENDS