Green Investment Bank launches new fund for waste projects

3rd February 2015

Related Topics

Related tags

  • Generation ,
  • Renewable ,
  • Waste ,
  • Recycling


Paul Harrington

A £50 million fund has been launched by the Green Investment Bank (GIB) to finance small-scale recycling and waste projects.

Investment company Foresight Group will administer the fund and aim to raise at least another £50 million from private sector co-investors to match the money being put in by the GIB. The fund already has an extensive pipeline in place, according to the bank.

Business minister Matthew Hancock announced the fund yesterday while visiting a GIB-funded biopower plant under construction at Tyseley, Birmingham. The £47 million project uses a new type of gasification system, which is the first of its kind in the UK, GIB said.

When operational, it will divert up to 67,000 tonnes of recovered wood from landfill every year and produce enough electricity to power more than 17,000 homes, it added.

Shaun Kingsbury, chief executive of GIB, said: “Investing our capital through funds has proven to be an important and successful part of our investment strategy, allowing us to back a wider range of smaller projects right across the UK.”

The new recycling and waste fund is the second GIB fund to be managed by Foresight. The first supported seven new waste and recycling projects, including small-scale on-farm anaerobic digestion plants in rural Northern Ireland and a biogas project in Dagenham, East London.

This fund has fully committed its initial funding ahead of schedule, GIB said.


Subscribe to IEMA's newsletters to receive timely articles, expert opinions, event announcements, and much more, directly in your inbox.

Transform articles

Is the sea big enough?

A project promoter’s perspective on the environmental challenges facing new subsea power cables

3rd April 2024

Read more

The UK’s major cities lag well behind their European counterparts in terms of public transport use. Linking development to transport routes might be the answer, argues Huw Morris

3rd April 2024

Read more

Tom Harris examines the supply chain constraints facing the growing number of interconnector projects

2nd April 2024

Read more

The UK government’s carbon capture, usage and storage (CCUS) strategy is based on optimistic techno-economic assumptions that are now outdated, Carbon Tracker has warned.

13th March 2024

Read more

The UK government’s latest Public Attitudes Tracker has found broad support for efforts to tackle climate change, although there are significant concerns that bills will rise.

13th March 2024

Read more

A consortium including IEMA and the Good Homes Alliance have drafted a letter to UK government ministers expressing disappointment with the proposed Future Homes Standard.

26th February 2024

Read more

Global corporations such as Amazon and Google purchased a record 46 gigawatts (GW) of solar and wind energy last year, according to BloombergNEF (BNEF).

13th February 2024

Read more

Three-quarters of UK adults are concerned about the impact that climate change will have on their bills, according to polling commissioned by Positive Money.

13th February 2024

Read more

Media enquires

Looking for an expert to speak at an event or comment on an item in the news?

Find an expert

IEMA Cookie Notice

Clicking the ‘Accept all’ button means you are accepting analytics and third-party cookies. Our website uses necessary cookies which are required in order to make our website work. In addition to these, we use analytics and third-party cookies to optimise site functionality and give you the best possible experience. To control which cookies are set, click ‘Settings’. To learn more about cookies, how we use them on our website and how to change your cookie settings please view our cookie policy.

Manage cookie settings

Our use of cookies

You can learn more detailed information in our cookie policy.

Some cookies are essential, but non-essential cookies help us to improve the experience on our site by providing insights into how the site is being used. To maintain privacy management, this relies on cookie identifiers. Resetting or deleting your browser cookies will reset these preferences.

Essential cookies

These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website.

Analytics cookies

These cookies allow us to recognise and count the number of visitors to our website and to see how visitors move around our website when they are using it. This helps us to improve the way our website works.

Advertising cookies

These cookies allow us to tailor advertising to you based on your interests. If you do not accept these cookies, you will still see adverts, but these will be more generic.

Save and close