Green Bank gets £3bn funding
Published:  24 May, 2011

LONDON: The UK Green Investment Bank will begin operating in April 2012 by lending £3bn of funds to offshore wind, waste and non-domestic energy efficiency schemes.

Deputy prime minister Nick Clegg confirmed the timing yesterday and said legislation would ensure the independence of the institution. Business secretary Vince Cable will provide more details about how the bank will operate shortly.

Mr Clegg said: "The initial £3bn capital by 2014/15 should enable the bank to catalyse an additional £15bn of investment in the green infrastructure."

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