Shaun Kingsbury has been appointed as the Chief Executive. He joins the UK GIB from the private equity firm Hudson Clean Energy Partners where he was responsible for its European activities.
He will work alongside the Chair Lord Smith of Kelvin and Deputy Chair Sir Adrian Montague who were appointed by Vince Cable in May 2012.
Six new Non-Executive Directors (NEDs) have also been appointed. Between them they have a wealth of experience with backgrounds in universities, business, investment funds, equity finance and the low carbon sector. They are:
- Professor Dame Julia King
- Fred Maroudas
- Tom Murley
- David Nish
- Isobel Sharp
- Tessa Tennant.
Business Secretary Vince Cable said:
“I am delighted that we have been able to appoint people of such high calibre to the Board of the UK Green Investment Bank. I have every confidence that the team will build on the good progress already made, leading the Bank into full operation and developing a truly ground breaking institution.”
UK Green Investment Bank Chair Lord Smith said:
“I am pleased to announce the appointment of Shaun Kingsbury as Chief Executive of the UK Green Investment Bank. Shaun brings a strong track record of leadership in private equity and low carbon finance.
“The non-executive directors also bring strong experience and expertise to our new Board.
"I look forward to working closely with Shaun and his new team as they begin delivery of our strategy, and as we seek to develop and create opportunities in the key sectors. “
Newly appointed CEO Shaun Kingsbury said:
“I am delighted to have been given the opportunity to become the first Chief Executive of the UK Green Investment Bank. The Bank has the important and exciting principal task of allocating capital to projects which can both enhance economic competitiveness and provide leadership in environmental business performance.”
The CEO and non-executive directors will take up their posts in late October.
Notes to editors:
1. Shaun Kingsbury served as an Investment Partner at Hudson Clean Energy Partners, a leading clean energy private equity firm where he was responsible for its European activities. He is a long time renewable energy investor and advisor having been a founding partner of Pulsar Energy Capital and an advisor to 3i on a number of renewable energy transaction opportunities in Europe. Shaun also set up and leads the Low Carbon Finance Group in London, a body of leading capital providers to the renewable energy sector.
2. Professor Dame Julia King has been the Vice-Chancellor of Aston University since December 2006. Julia is a member of the Board of Universities UK and Chair of the Higher Education Statistics Agency, as well as Non-Executive Director at the Department for Business, Innovation and Skills (BIS). She was appointed as the UK’s Low Carbon Business Ambassador in November 2010.
3. Fred Maroudas has recently been appointed to the role of Finance Director of Heathrow Airport. Fred joined BAA in 2009 as Director of Treasury. Fred currently chairs the UK Green Investments (UKGI) Investment Committee and is Deputy Chairman elect, Local Partnerships LLP.
4. Tom Murley leads the renewable energy team at HgCapital and is responsible for HgCapital Renewable Power Partners' funds. Tom joined HgCapital in 2004 and has more than 15 years’ experience in providing equity finance to the US and European conventional and renewable power sectors.
5. David Nish has been Chief Executive at Standard Life since January 2010. He is also Deputy Chairman of the Board and Chairman of the Life Insurance Council Management Committee of the Association of British Insurers, Member of the UK Strategy Committee of TheCityUK and Member of the Financial Services Advisory Board of the Scottish Government.
6. Isobel Sharp advises Deloitte LLP on corporate reporting, governance and public policy matters, having retired as senior technical partner in May 2012. She is a Visiting Professor and member of the Advisory Board at the University of Edinburgh Business School.
7. Tessa Tennant has devoted her career to innovation in financial services for sustainability. Working for over twenty years in the investment industry, especially with asset owners, she has co-launched numerous funds. Tessa co-founded the UK's first equity investment fund for sustainable development in 1988, now called the Jupiter Ecology Fund.
8. The UK GIB is designed to accelerate private sector investment in the UK’s transition to a green economy. Offshore wind power generation, waste processing and recycling, energy from waste generation, non-domestic energy efficiency and support for the Green Deal will be the first priority sectors for the UK GIB, subject to approval by the European Commission. Further information on the UK GIB can be found at www.bis.gov.uk/greeninvestmentbank.
9. The Bank is expected to be fully operational later this year, subject to state aid approval. In the meantime, the Government is paving the way for its establishment by making investments, on commercial terms, in green infrastructure. These investments are being made by the UKGI team at BIS.
10. The Government's economic policy objective is to achieve 'strong, sustainable and balanced growth that is more evenly shared across the country and between industries.' It set four ambitions in the ‘Plan for Growth’ (PDF 1.7MB), published at Budget 2011:
· To create the most competitive tax system in the G20
· To make the UK the best place in Europe to start, finance and grow a business
· To encourage investment and exports as a route to a more balanced economy
· To create a more educated workforce that is the most flexible in Europe.
11. Work is underway across Government to achieve these ambitions, including progress on more than 250 measures as part of the Growth Review. Developing an industrial strategy gives new impetus to this work by providing businesses, investors and the public with more clarity about the long-term direction in which the Government wants the economy to travel.
12. BIS's online newsroom contains the latest press notices and speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.