‘One of a Kind’ Investment Bank Briefs ETI Committee

Synopsis: The Committee for Enterprise, Trade and Investment today received a briefing from a ‘one of a kind’ investment bank, the Green Investment Bank.

Session: 2013/2014

Date: 07 November 2013

Reference: ETI 03/13/14

The Northern Ireland Assembly Committee for Enterprise, Trade and Investment today received a briefing from a 'one of a kind' investment bank, the Green Investment Bank.

The Bank, which has £3.8 billion to invest, made its first investment in Northern Ireland of £20 million in July 2013 in Derry/Londonderry in The Evermore Project. The Project, which is expected to become operational during 2015, is forecast to be the largest renewable energy project in Northern Ireland, increasing the amount of renewable electricity currently generated in Northern Ireland by approximately 10%.

Speaking after the meeting, Chairperson of the Committee, Patsy McGlone MLA said: "The Green Investment Bank is an extremely innovative bank whose investments focus on accelerating private sector green investment – renewables generation, energy efficiency and waste. The fact that the Bank has recently made its first investment in The Evermore Project in Derry is a sign that the project has very real viability. The Committee is very optimistic about the renewable electricity that the Project can generate, and it couldn't have happened without the support from the Green Investment Bank.

Mr McGlone concluded: "Energy is becoming increasingly costly and limited, so we need to optimise our potential for renewable energy generation. I would encourage more local renewable energy businesses to engage with the Green Investment Bank, as it presents an excellent opportunity to develop and work on our renewable energy projects."

ENDS

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