Scottish Enterprise Hails GIB Announcement

Scottish Enterprise has welcomed decision by Vince Cable that the headquarters of the new UK Green Investment Bank will be located in Edinburgh.

Scottish Enterprise chairman, Crawford Gillies, said: “This is fantastic news for Edinburgh and for Scotland. The Green Investment Bank will be an enduring institution supporting the growth of the UK’s renewable energy and low carbon sectors.

“Being headquartered in Edinburgh will enable the bank to draw on the city’s world class financial services expertise as well as Scotland’s renowned capabilities in the development of renewable and low carbon technologies. Not only will this help ensure the long term success of the Green Investment Bank but it will also further enhance Scotland’s renewable ambitions, making it the world’s leading location for renewable energy.”

The Department for Business Innovation and Skills (BIS) announced that the Green Investment Bank will also have a transactions team based in London that will work alongside staff at the Edinburgh HQ to enable a greater commercial reach nationally than could be achieved from one location.

BIS also announced that it will be starting recruitment of the Chair and Senior Independent Director and that the GIB is expected to be fully operational by Autumn 2012. It is expected that the GIB will employ 50-70 full time equivalent staff across the two sites.

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Offshore WIND staff, March 12, 2012; Image: scottish-enterprise