Edinburgh, UK - The UK Green Investment Bank plc (UK GIB) has officially opened for business with a £5 million ($8 million) investment to retrofit Kingspan's UK industrial facilities.
The UK government funded the institution with £3 billion and said it will "mobilise additional private capital to make a significant contribution to the development of a green economy."
UK GIB will invest £5 million to retrofit insulation products supplier Kingspan's UK industrial facilities with systems and services that will reduce its energy consumption by as much as 15 percent, the UK Department for Business Innovation and Skills said in a 28 Nov news release.
The first project will take place at Kingspan's insulated panels factory in Holywell, Wales, and is due to commence in December 2012. The project will involve the installation of energy metering, building management systems, lighting, motor replacement and compressed air and fan optimisation measures, designed to reduce electricity consumption.