UK Green Investment Bank plc (GIB) has agreed terms with the Department for Energy and Climate Change (DECC) on a £200 million (US$298.3 million) international green investment pilot programme.
Key features include:
GIBwill now begin the process of finalising the programme details and identifying suitable investment opportunities.
Shaun Kingsbury, chief executive of UK Green Investment Bank, said:
This important new pilot programme will see GIB investing outside the UK for the first time. I am confident that our unique business model, tried and tested in the UK, will have a very positive effect in developing countries, helping them to build vital new green energy infrastructure.
The UK Green Investment Bank was launched in November 2012. With £3.8 billion of funding from the UK Government, it is the first bank of its kind in the world. It is a "for profit" bank, whose mission is to accelerate the UK's transition to a greener economy, and to create an enduring institution, operating independently of Government.