The headquarters will be in Edinburgh, with the GIB’s main transaction team based in London. This arrangement is designed to enable a greater commercial reach nationally than could be achieved from one location.
Cable said: “Harnessing the strengths of Edinburgh and London will support the Green Investment Bank’s ambition to become a world leader. Edinburgh has a thriving green sector and respected expertise in areas such as asset management. London, as the world’s leading financial centre, will ensure that the GIB’s transaction team can hit the ground running.
“This decision will allow the GIB to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UK’s transition to a green economy.”
Scottish secretary Michael Moore welcomed the news. “The size and scale of the UK’s single energy market ensures the level of investment that will unlock Scotland’s renewables future, providing sustainable and affordable green energy across the UK. It makes perfect sense to have a GIB presence there,” he said.
The next step for the GIB is the recruitment of the chair and senior independent director so that it will be in a position to be fully operational this autumn, subject to state aid approval for the GIB. The GIB is expected to employ 50-70 full time equivalent staff across the two sites.
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