Renewable energy sector welcomes sale of Edinburgh-based Green Investment Bank

The Lothian Road head office of the Green Investment Bank, which employs 50 people.
The Lothian Road head office of the Green Investment Bank, which employs 50 people.

Renewable energy chiefs have welcomed the sale of the Edinburgh-based Green Investment Bank.

The Australian merchant banker MacQuarrie Group paid £2.3bn for the bank, now called the Green Investment Group.

Senior management at the Renewable Energy Association have also urged the bank’s new owners to maintain its social purpose – ie to continue to finance mainstream new technologies that will decarbonise the energy sector and build new industries.

James Court, REA’s Head of Policy, said: “As we have seen with wind and solar, renewables are now cost competitive following government support and industrial innovation.

“Prices have come down massively after being deployed at scale and we still believe there are more technologies that have a huge future if backed. The new owners should continue the Bank’s aim of providing finance to early-stage innovative technologies.

“Deep geothermal is a good example of new technologies that the bank can support. Britain has plentiful geothermal resources and the potential to develop an industry, but a lack of historic projects means that the existing investor community hesitates to provide funding.

“We expect that the Brit-Govt CfD auction for “less developed” renewable energy technologies will highlight the amazing diversity and cost reductions of new systems that are coming onto the market. Support such as that the bank can provide is vital if emerging technologies are to deliver on their potential for jobs and lower energy costs.”

24 Aug 2017

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