The Green Investment Bank (GIB) revealed it has invested £1.6billion in 37 sustainable energy projects two years after being founded.
The Edinburgh and London-based bank was seed funded with £3.8billion for its first three years of operations before it would be allowed to raise its own funds through capital markets.
The bank, which is chaired by Lord Smith of Kelvin, said it had leveraged a further £3.4billion from private sector investors for green energy infrastructure projects.
Recenty GIB financed the installation of a biomass boiler at the Royal Brackla whisky distillery at Cawdor, near Nairn. The investment came from a special £5million fund established by GIB and matched with private capital through the Equitix Energy Efficiency Fund..
The Dewar’s Aberfeldy distillery in Perthshire, Balmenach distillery in Speyside and Tomatin distillery near Inverness have also taken advantage of the finance available to put in place energy efficiency measures.
Lord Smith said: “In the two years since its launch, the Green Investment Bank has proved itself to be a successful policy initiative and a good business. We are helping to attract capital to UK green projects and helping to build vital new, modern, energy infrastructure for the country.
“I am especially proud of the fact that we are investing in every part of the UK, from the Highlands of Scotland to Northern Ireland, Wales and all parts of England. We are investing wisely and the taxpayer will make good returns from us over the long-term.”
GIB only invests in projects which need its help to go ahead.
GIB is the most active investor in the UK renewables sector.
Business Secretary Vince Cable said: “Government action was necessary to jump start investment in cleaner, greener technology and the bank is delivering. GIB’s expertise has given investors the confidence to back projects that simply would not have happened without it.
“The Green Investment Bank is at the heart of our industrial strategy to create sustainable jobs and growth”.
Shaun Kingsbury, chief executive, UK Green Investment Bank, said: “We have set out to be an innovative but always commercial investor. All of our investments have been both green and profitable but, more than that, each deal demonstrates to a significant international market that the UK renewables sector is a good place to invest.
“Two years ago, nobody could say with any certainty that the idea of a green investment bank would work. I believe we have proven the case and, in doing so, made a real, lasting contribution to the UK’s energy security, lowering the costs of renewable energy and cutting the UK’s carbon emissions.”