The former investment partner at a private equity company, Shaun Kingsbury has been named as the chief executive of the UK government’s Green Investment Bank.
He has worked for Hudson Clean Energy Partners and Pulsar Energy Capital, as well as setting up the Low Carbon Finance Group in London, and said he is delighted by the news.
“The Bank has the important and exciting principal task of allocating capital to projects which can both enhance economic competitiveness and provide leadership in environmental business performance,” he said.
The Green Investment Bank will be fully operational by the end of this year once state aid approval has been made by the European Commission. It will invest government funds and leverage private investment in low carbon projects.
Kingsbury and six other non-executive directors will take up their posts next month, as announced by The Department for Business, Innovation and Skills (BIS). The other directors include academic Dame Julia King, Fred Maroudas, Tom Murley, David Nish, Isobel Sharp and Tessa Tennant, bring experience from research business, investment, equity finance and the low-carbon sector.
The bank’s investment team will be in London, with its headquarters in Edinburgh and it will be capitalised initially with £3 billion to start direct investment in low-carbon projects straight away. Full borrowing powers will begin around 2015.
The focus will initially be on off-shore wind farm, domestic energy and waste projects.