THE UK Green Investment Bank (GIB) has received funding to expand its renewable energy and energy projects to India and South Africa and East Africa.
The GIB has agreed terms with the Department for Energy and Climate Change (DECC) on a £200m international green investment pilot programme.
GIB will invest the £200m in renewable energy and energy frameworks, already being implemented in the UK, into these developing countries. The pilot will be carried out for three years, helping to support economic growth, job creation, and development of reliable energy infrastructure in India, South Africa and East Africa.
Secretary of State Energy and Climate Change, Edward Davey, said: “It is vital that we use public climate finance to catalyse private investment into developing countries.
“By working with the Green Investment Bank, DECC will be able to draw on its unique mix of investment expertise, commercial discipline and close alignment of green policy objectives to maximise the impact and effectiveness of UK climate finance.”
Shaun Kingsbury, chief executive of UK Green Investment Bank, said: “This important new pilot programme will see GIB investing outside the UK for the first time.
“I am confident that our unique business model, tried and tested in the UK, will have a very positive effect in developing countries, helping them to build vital new green energy infrastructure.”
GIB are now in the process of finalising the programme details and identifying suitable investment opportunities.