Britain's first ever Green Investment Bank will be based in Edinburgh and London, following an assessment of 32 locations across the country for the bank's siting.

The Green Investment Bank, introduced two years ago, is designed to accelerate private sector investment in Britain's transition to a "green economy."

It will prioritize offshore wind power generation, commercial and industrial waste processing and recycling, energy from waste generation, non-domestic energy efficiency and support for the Green Deal, subject to approval by the European Commission. It will have an initial lb3 billion in capital, to be spent between now and 2015.

In an announcement last week, business secretary Vince Cable said the headquarters of the bank will be located in Edinburgh, with the main transaction team based in London.

The arrangement is expected to allow for a greater commercial reach nationally than could be achieved from one location.

Next up, the bank will recruit a chair and senior independent director before it becomes fully operational this year. The bank is expected to employ 50 to 70 full time equivalent staff across the two sites. – EcoSeed Staff

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