Green Investment Bank

Department for Business, Energy and Industrial Strategy written question – answered on 20th January 2017.

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Photo of Caroline Lucas Caroline Lucas Co-Leader of the Green Party

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 13 January 2017 to Question 59325, whether private capital had been secured for the offshore wind assets before the decision to establish the new companies was taken.

Photo of Caroline Lucas Caroline Lucas Co-Leader of the Green Party

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 13 January 2017 to Question 59325, on whose instruction the 10 new subsidiary companies were established at the Green Investment Bank in November and December 2016.

Photo of Caroline Lucas Caroline Lucas Co-Leader of the Green Party

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 13 January 2017 to Question 59325, whether the Government's preferred bidders for the Green Investment Bank had any involvement in the decision to establish the 10 new subsidiary companies at that bank in November and December 2016.

Photo of Caroline Lucas Caroline Lucas Co-Leader of the Green Party

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 13 January 2017 to Question 59325, whether nominated trustees of the special share company of the Green Investment Bank were alerted to the establishment of new companies.

Photo of Caroline Lucas Caroline Lucas Co-Leader of the Green Party

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 13 January 2017 to Question 59325, whether Ministers or officials of his Department were aware at the time of the creation of 10 new subsidiary companies at the Green Investment Bank in November and December 2016.

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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