UK govt announces £5bn energy investment projects
November 17, 2018 – The UK government has launched its first Energy Investment Portfolio worth £5bn, under which energy and infrastructure projects across the country will be promoted to global investors as part of a new portfolio of opportunities.
UK International Trade Secretary and Board of Trade president Liam Fox announced this at the Board of Trade meeting in Swansea.
Eleven new projects in the Energy Investment Portfolio are expected to create jobs in the energy sector, reduce energy costs for British families and have widespread benefits for the environment.
The opportunities include: £1bn investment in the City Leap programme in Bristol; £65m in the Mishergas waste-to-fuel plant in Bristol; £60m investment in the Carlton forest waste-to-energy plant in Nottinghamshire; and £480m for new CoGen waste-to-energy plants in Birmingham, Cardiff and North Lanarkshire.
The opportunities also include £40m for a Reliagen integrated electric vehicle (EV) and battery storage facility in West London; two projects worth £135m in Wales; two projects worth £1bn in Scotland, including Aberdeen Hydrogen; and £3bn for UK-wide projects, including Gridserve’s EV forecourt network and Pivot Power’s battery storage and EV charging project.
The Energy Investment Portfolio is the latest offer for international investors, after the launch of seven investment projects worth £2bn, in October 2018.
Liam Fox said: “The Energy Investment Portfolio will deliver growth in new innovative sectors, encouraging creativity, creating jobs and driving prosperity across the UK.”
The Department for International Trade (DIT) will promote these opportunities to investors in 108 countries through its global network of HM Trade Commissioners (HMTCs) and in-country experts.
Minister for Investment Graham Stuart said: “With £5 billion of new projects, the Energy Investment Portfolio is great news for communities up and down the country – as well as creating jobs and prosperity, these projects will reduce bills and deliver huge benefits for the environment.
“The government’s commitment to clean growth and innovation provides huge investment opportunities in the UK’s energy sector, which already employs 181,000 people and generates the most offshore wind power in the world.
“The department has a global network of HMTCs and experts across more than 100 countries who are promoting the UK and attracting the backing needed to make these projects a reality.”