GIB Expands Offshore Wind Team
The UK Green Investment Bank (GIB) has today announced two new senior appointments.
Nick Gardiner will take on the role of Managing Director, Offshore Wind and Karl Smith will take on the role of Fund Managing Director.
Gardiner will lead GIB’s offshore wind direct investment team. Since its launch in November 2012, GIB has made five investments in the offshore wind sector, totalling £642m and is the most active investor in the UK offshore wind market.
In June 2014, GIB announced its intention to raise a £1bn offshore wind fund. The Fund will make equity investments in UK unlevered operating assets, bringing new long-term investors into the UK’s green economy and helping to lower the cost of capital for offshore wind.
Smith, previously a Director in GIB’s offshore wind investment team, will take on the newly created role managing the Fund. The Fund will operate separately from GIB’s offshore wind direct investment team.
Ed Northam, Head of Investment Banking, UK Green Investment Bank, said:
“This is an exciting time for GIB’s offshore wind business, as we continue to look at investments in construction assets and start fundraising for the UK’s first dedicated offshore wind fund. I look forward to working with our two new MDs as we realise our ambitious plans for the offshore wind sector.”