Green Investment Bank lures overseas financiers

Shaun Kingsbury welcomed the new appointments at GIB. Picture: Complimentary
Shaun Kingsbury welcomed the new appointments at GIB. Picture: Complimentary
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The Green Investment Bank (GIB) has completed recruitment of its senior team after appointing managing directors for its offshore wind and non-domestic energy efficiency arms.

The bank has lured Gregor Paterson-Jones from Cape Town, where he was involved in a number of financial innovations in renewable energy and the carbon emissions trading market as head of an asset management and advisory firm. He will be based at GIB’s Edinburgh headquarters, where he will build on investments in energy efficiency measures already made since the bank was launched last year.

Christine Brockwell, who joins GIB’s London office from a financial firm in Germany, will oversee investments in offshore wind, one of the state-funded bank’s mandated priority sectors. It is expected to have the largest share of GIB’s initial £3 billion capital.

So far GIB’s focus has been the secondary market for operating assets, investing in existing offshore wind projects to allow capital to be recycled into new projects. Now it is seeking its first investments directly at the construction stage.

Chief executive Shaun Kingsbury said: “The development in our offshore wind strategy will ensure that we can mobilise investment at a critical, early stage of a project. I am looking forward to working with Christine to turn our broadened strategy into reality.

“Gregor, joining us all the way from South Africa, is another key appointment, which completes our senior leadership team.”

He said the appointments showed that the bank could attract “the very best global talent”.

In its first six months, GIB committed £635 million to 11 deals, pulling in further funds from the private sector to reach a total value of £2.3bn.