Shaun Kingsbury, a former investment partner at a private equity company, has been named as the chief executive of the UK government’s Green Investment Bank (GIB).
The long-time renewable energy investor and advisor, who has worked for Hudson Clean Energy Partners and Pulsar Energy Capital, as well as setting up the Low Carbon Finance Group in London, said he was “delighted” by the appointment.
“The Bank has the important and exciting principal task of allocating capital to projects which can both enhance economic competitiveness and provide leadership in environmental business performance,” he said.
The GIB, which will be fully operational later this year once European Commission state aid approval is received, will invest government funds and leverage private investment in low-carbon projects.
The Department for Business, Innovation and Skills (BIS), which made the announcement yesterday, said Kingsbury and six other non-executive directors will take up their posts late next month.
The other directors include academic Dame Julia King, Fred Maroudas, Tom Murley, David Nish, Isobel Sharp and Tessa Tennant, bring experience from research business, investment, equity finance and the low-carbon sector.
Initially, the bank, which will have an investment team in London and its headquarters in Edinburgh, will be capitalised with £3 billion to start direct investment in low-carbon projects immediately, with full borrowing powers to begin in around 2015.
The government has said that the bank will focus its attention to start with on offshore wind, waste and non-domestic energy efficiency projects.
For further information:
UK government unveils £100 million fund for green investment (6-Aug)
UK government unveils ‘guarantees’ scheme to boost investment (19-Jul)
UK Green Investment Bank team appointed (25-May)
London and Edinburgh to be home to UK’s Green Investment Bank (8-Mar)
28 September 2012