Business Secretary Vince Cable has announced that one of the government-appointed fund managers for green infrastructure has made its first investment.
Foresight's UK Waste Resources and Energy Investments has offered £2m, with a further £2m of matching private sector funding, to a £21m project to expand Teg Group's plant in Dagenham.
Cable said: “This project represents the first waste investment in the run up to the establishment of the UK Green Investment Bank and sends a clear message to the market and to potential co-investors that we are committed to investing in the UK's green infrastructure.”
Foresight were appointed to invest £50m on behalf of UK Green Investments – the team established within the Department for Business, Innovation and Skills (BIS) to handle government investment in low-carbon infrastructure in preparation for the UK Green Investment Bank.