Green Bank 'could be in Edinburgh'

HeraldScotland - 13th January 2011

The UK's new Green Investment bank could be based in Edinburgh, Energy Secretary Chris Huhne has told MSPs.

He said the city had a "very special advantage" because its financial institutions had a strong track record in lending to renewable energy companies.

But Mr Huhne warned Holyrood's Economy, Energy and Tourism committee that Edinburgh faced stiff competition from other financial centres.

The bank, anonounced by the UK Government last year, is being set up with £1 billion of public money to channel private sector funding, which it will raise in similar way to regular banks, into low carbon businesses.

Mr Huhne said: "One of the reasons that Edinburgh has a particular claim as the potential site for the GIB is precisely because of the substantial expertise that exists in Edinburgh on the energy financig side."