The European Commission found sufficient safeguards to avoid “crowding out of private investment” and ensure fair competition whilst the bank is offering funding to accelerate the development of the UK’s green economy.
The bank’s mission is to invest in innovative and environmentally friendly projects for which a market failure has been identified. It is set to help offshore wind, waste and non-domestic energy efficiency sectors.
The Commission said the Green Bank will be capitalised with £3 billion and will intervene by syndicating and underwriting junior, mezzanine and senior debt, by taking equity stakes or granting guarantees.
According to the Commission, the new initiative will allow green projects to materialise while minimising potential distortions of competition.
The bank is seen as a crucial element in funding the country’s transition to a low carbon economy and it began investing directly in projects earlier this year.
Green Investment Bank chairman Lord Smith said: “This is excellent news and a very important milestone as we transition to a low carbon economy and work to boost investment across the industry.
“We have already made significant progress in building our teams and the necessary infrastructure for the bank and we expect to be fully operational in the next few weeks.
“We clearly have challenges ahead but we have the people, the expertise and the capability to deliver on our priorities and create the foundation for a new climate of green investment.”
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The Government has granted planning consent for the building of a 60MW power plant in Cheshire which will create 500 new jobs during its 3-year construction period.
The Secretary of State for Energy and Climate Change, Edward Davey, has given the go-ahead for E.ON Energy and Tata Chemicals Europe to build a new power plant at Northwich which will generate enough power to supply 80,000 homes and boost the local economy.
The plant will be built and operated by EEW. It will use pre-treated waste from economically recyclable materials that would otherwise be destined for landfill.
A spokesman from the Department for Energy and Climate Change said: “It is essential we have a balanced energy mix in the future to provide low cost, efficient energy to households and businesses.”
Commenting on the development, Director at E.ON, Nader Bahri said: “This decision is a milestone for EEW in the UK as it is our second UK plant to be granted planning consent.
“As a result, many tonnes of waste that would otherwise have gone to landfill could now be used to create sustainable energy.”
Tata Chemicals Europe Managing Director, Martin Ashcroft, welcomed the decision by Government to approve construction of the plant which will bring more competitiveness in the energy market.
Mr Ashcroft said: “As an energy intensive business, we are faced with ever-rising gas prices which are increasingly difficult to absorb. The new plant will give us fuel price stability which will allow us to reduce our reliance on fossil fuels and to plan our long-term future.”
“Development to generate plenty of employment opportunities for people in the trades”
A council has given the go ahead for a £430 million housing regeneration scheme to build 1,600 new homes and refurbish a further 1,200 existing homes, creating hundreds of new jobs in the trades.
After a 4-year consultation period with the local community in Pendleton, the multi-million scheme is going to be delivered by SP+ consortium, which includes Chevin Housing Association, Keepmoat, Harewood Homes and Latham Architects, creating opportunities for local suppliers and trade professionals to benefit from work contracts.
The housing improvement scheme will create 500 new jobs in the building construction sector, many of them in the plumbing, electrical and gas-engineering industry. The huge project is set to create 2,000 work experience placements for apprentices and people looking to enter the trades.
As well as housing, the scheme will also provide new sports pitches, green space, walk ways, cycle paths, an extra care facility, new shopping promenade and new sports pitches at the Fit City development.
Councillor Gena Merrett, Assistant Mayor for Housing and Environment at Salford City Council, said: “Now that we have approved plans the contractors will be able to get on site and start creating a new Pendleton.
“The plans put forward by the preferred bidder not only build new housing, they will also make the most of what is already there, refurbishing some of the existing properties and creating parks and green space that will create a much nicer environment for local residents to enjoy.”- said Councillor Merrett.
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A £65 million deal for student accommodation at the University of Essex is going ahead, paving the way for new jobs in the building construction industry.
Today’s announcement gets the ball rolling for selected building and design contractor Bouygues UK to build over a thousand student-bed accommodation complex.
Construction work has already started on the site adjoining Boundary Road which forms part of the University’s major Knowledge Gateway development.
The three-year scheme includes the construction of 648 new student units and the transfer of 766 existing ones, for which the Bouygues Development will provide the university a capital receipt.
The new build part of the scheme – known as The Meadows – has been designed by Lewis & Hickey architects and comprises 12-bed town houses accommodating 228 students and a further 420 en-suite study bedrooms.
An eye-catching pavilion that will house a student common room, known as ’The Hub’, will be built along the clusters of the study bedrooms.
Director of University of Essex Campus Services, Peter Church, said: “Demand for good quality campus residences remains high and The Meadows will add to student choice, with the town houses ideal for groups who wish to share accommodation.”
Mr Church commented that the combination of Bouygues Development’s extensive building and project management experience will complement and enhance the sense of community for students and local residents
One of the UK’ top sports colleges is about to get a £19 million facelift which is expected to create hundreds of new trade jobs.
Morgan Sindall has been given the go ahead for projects in Hull aspart of the city’s £400 million Schools Future Programme. Part of this will renovate St Mary’s College and will construct a 70, 000 sq. ft. teaching block.
North East construction managing director, Gordon Ray, said: “Construction work of this size and calibre has a huge impact on the economy of the city.
“We always look to support the communities and we hope to bring in a number of jobs to the region including for plumbers, electricians and gas engineers.”
The new campus building will also include a new professional-standard 300-seat theatre with a ‘fly’ tower, allowing stage scenery to be raised and lowered during performances, which is one of the first to be installed in a school in the UK.
Mr Ray said that the company will aim to work with 50 building subcontractors from the area and also recruit apprentices throughout the lifetime of the project.
Due to the large amount of glazing and south facing frontage in its design, the new building will use thermal modelling and solar controlled glazing to ensure a steady internal temperature.
The main building will house 12 humanities classrooms, six sixth form classrooms, 14 science laboratories, 7,500 sq. ft. design and art space, a food technology classroom and two ICT suites.
As a specialist sports college, St Mary’s will build a new 11,800 sq. ft. three court sports block with three sports science classrooms, an all-weather pitch and multi-use games area.
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Building work on Manchester City’s new £100 million training academy has been given the green light by the government, paving the way for new jobs in the building construction industry.
After clearing objections by previous landlords who refused to sell their plots to the football club, now the Secretary of State has granted a compulsory purchase order, allowing building work to start.
The scheme, which involves building a 7, 000 seat-stadium and 15 small pitches will create new jobs and help the local economy.
Eddie Smith, Chief Executive of urban regeneration company New East Manchester, told the BBC that this development will benefit the people in Manchester and create new jobs
Mr Smith said “Manchester City Football Club’s plans in east Manchester are a hugely important ingredient of the ongoing regeneration of the area, which will see not only world-class leisure and educational facilities for the community, but also jobs for local people.
“We worked with the club to help relocate existing business and sustain existing jobs and are pleased that the Secretary of State has reached a decision in the public interest which will enable this ambitious scheme to move forwards.”
BAM Construction has won the main contract after holding off competition with other firms.
Plans at the site on land next to the Etihad stadium include:
- A home for up to 400 young players who will train and study alongside senior players, with a clear development pathway to the first team
- One half size and 11 full size youth development pitches
- One half size and 4 full size first team pitches
- On site sleeping accommodation and classroom facility for 40 young players to allow them to train and study in a safe and secure environment
- A carefully planned first team building with changing rooms, gym, refectory and injury and rehab centre
- A 7,000 capacity stadium for youth matches
- Staff offices and a dedicated media centre
- A bridge linking the site to the Etihad Stadium and the rest of the Etihad Campus
“The new redevelopment is to bring employment opportunities for trade professionals”
A multimillion redevelopment scheme at the University of Hull’s historic library has been given the green light with the appointment of its main contractor that will refurbish the 16,000 square-metre building and provide new employment opportunities for people in the trades.
Today’s appointment of BAM Construction will provide the eight-storey library with new facades, mechanical and engineering services.
Building work is set to start this month, with the main scheme getting underway in November 2012. The project will continue for 3 years and is expected to be completed by 2014.
The project is expected to meet the world’s leading environmental and rating system for buildings, BREEAM.
BAM said in a statement today that it will hold suppliers days to attract local labour and provide employment opportunities for trade professionals, including plumbers, electricians and gas engineers.
BAM’s Construction Director, Kelvin Pollard, said that the company is delighted to bring such impressive library to the forefront of modern design and technology which will encourage economic growth and create new jobs.
Mr Pollard said: “This major project will benefit the local economy and will ensure the library remains operational throughout. When complete, students will benefit from lighter, airier spaces that are more conducive to study and better equipped for modern learning.”
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The University of Bath has announced plans to spend £100 million on improving its campus over the next three years that will enhance student experience and create new jobs in the building trades.
The University’s major refurbishment programme announced today will provide 708 en-suite bedrooms in 75 flats across two buildings and deliver increased space for teaching and research improved facilities, creating employment opportunities for people in the building engineering sector.
A new multimillion Art Centre will be built by the autumn of 2014 including general teaching building facilities with a main 350-seat lecture theatre which is due to open in October 2013
Building plans have been submitted to Bath and North East Somerset Council which is expected to reach a decision and give the green light to the improvement scheme by October 2012.
The Vice Chancellor, Prof Dame Glynis Breakwell, said: “Despite continuing economic uncertainty and the changing tuition fee landscape, the University of Bath is facing the future with great confidence.
“Our aim is to further enhance the university’s ability to deliver an outstanding student experience; creating additional facilities for research, and an inspiring working environment, as well as providing cultural and economic benefits for the wider Bath region.”
Changes to subsidies for renewable electricity in Britain could accelerate up to £25 billion of new investment and create thousands of new jobs according to the Secretary of State for Energy and Climate Change, Edward Davey.
Bandings for renewable technologies were set last week under the Government’s Renewables Obligation which will support and create new green jobs whilst at the same time minimise energy cost to consumers.
Edward Davey, Secretary of State for Energy and Climate Change, welcomed the decision which will ensure rapid growth in the renewable energy and unlock further green investment.
Mr Davey said: “Renewable energy will create a multi-billion pound boom for the British economy, driving growth and supporting jobs across the country.
“Because value for money is vital, we will bring forward more renewable electricity while reducing the impact on consumer bills between 2013 and 2015, saving £6 off household energy bills next year and £5 the year after.”
The Banding Review (as set out by the DECC) includes:
- Support for onshore wind from 2013-17 will be reduced by 10% to 0.9ROCs, as consulted on in autumn 2011. This level is guaranteed until at least 2014 but could change after then if there is a significant change in generation costs. A call for evidence on onshore wind industry costs will be launched this autumn and report in early 2013.
- Rates of support for offshore wind will reduce as the cost of the technology comes down during the decade;
- Support levels for certain marine energy technologies will more than double from 2ROCs to 5ROCs per MWh, subject to a 30MW limit per generating station;
- There will be a new band to support existing coal plant converting to sustainable biomass fuels. This will increase the amount of renewable energy produced at less cost to consumers; and
- There will be no immediate reduction in support for large-scale solar, but there will be a further consultation this year on reduced support levels given recent dramatic falls in costs.