Green Investment Bank

Department for Business, Energy and Industrial Strategy written question – answered at on 19 January 2017.

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Photo of Clive Lewis Clive Lewis Shadow Secretary of State for Business, Energy and Industrial Strategy

To ask the Secretary of State for Business, Energy and Industrial Strategy, on what date Shareholder Executive authorised the Green Investment Bank to set up OSW Co Holdings 1 Limited, Galloper Holdco Ltd, Rampion Holdco Limited, Rampion Investco Limited, OSW LP Holdco Limited, WMR Holdco Limited, Project G Holdings 1 Limited and Project G Holdco Limited.

Photo of Clive Lewis Clive Lewis Shadow Secretary of State for Business, Energy and Industrial Strategy

To ask the Secretary of State for Business, Energy and Industrial Strategy, what level of ministerial clearance was required by Shareholder Executive to enable the Green Investment Bank to set up OSW Co Holdings 1 Limited, Galloper Holdco Ltd, Rampion Hold Co Limited, Rampion Investco Limited, OSW LP Hold Co Limited, WMR HoldCo Limited, Project G Holdings 1 Limited and Project G Holdco Limited.

Photo of Nick Hurd Nick Hurd The Minister of State, Department for Business, Energy and Industrial Strategy

In November and December 2016 the Green Investment Bank (GIB) incorporated twelve new Special Purpose Vehicles (SPVs): Galloper Holdco Limited; OSW Co Holdings 1 Limited; OSW Co Holdings 2 Limited; OSW LP Holdco Limited; Project G Holdco Limited; Project G Holdings 1 Limited; Project G Holdings 2 Limited; Rampion Holdco Limited; WMR Holdco Limited; Rampion Investco Limited; New Green Interim Holdco Limited; and UK Green Investment Lyle Limited.

The SPV ‘UK Green Investment Lyle Limited’ was incorporated in the course of business-as-usual to support GIB’s investment in the Lincs offshore wind farm (publicly announced by GIB on 13 January 2017).

The remaining eleven SPVs were incorporated in order to facilitate the potential introduction of private capital in to a number of GIB’s offshore wind assets, following discussion between GIB and the UK Government. These entities are currently dormant and own no assets.

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