'Fully independent' UK green bank lending by April 2012, says Clegg

Clegg names offshore wind as an early priority for the GIB

The UK’s government will guarantee the £3bn ($4.2bn) needed to kick-start its Green Investment Bank (GIB), with offshore wind among its potential early priorities, Deputy Prime Minister Nick Clegg announced.

Clegg says the bank will have “full operational independence” under the leadership of a new board, and be able to undertake a wide range of transactions including equity, debt and risk mitigation.

The GIB is on track to start lending in April 2012, Clegg adds, naming offshore wind along with waste and non-domestic energy efficiency as potential early key targets.

Clegg's comments come against a background of reports of a flare-up in a long-running dispute between officials at the UK's Treasury and its Department of Energy and Climate Change (DECC) over Log in to read complete article.

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