Chancellor sets out plans for 拢2bn Green Investment Bank fund which will focus initially on off-shore wind projects
Plans to develop 拢100bn of off-shore wind schemes will be the major beneficiary from the widely trailed 拢2bn green infrastructure bank finally announced this week.
Treasury papers said the institution, which will be set up by autumn next year, would be limited to green power and transport infrastructure, and would 鈥渇ocus initially鈥� on off-shore wind projects.
Treasury officials said this was deemed most helpful because the fund is intended to provide equity in the early stage of ventures, and the government is determined that nuclear power redevelopment should be largely self-funding.
The 拢2bn fund, called the Green Investment Bank, will be made up of 拢1bn from the sale of existing public infrastructure 颅 most notably the high-speed rail line from Dover to King鈥檚 Cross 颅 matched by 拢1bn of private investment.
The bank will be administered by Infrastructure UK, set up at the time of the pre-Budget report, which will undertake a review of the cost of major civil engineering projects in the UK.
Fiona McDermott, UK head for building and construction at KPMG, said: 鈥淚nvesting this amount of money in off-shore wind is unlikely to make a significant difference to the construction industry in the short term.鈥�
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