Speaking at the Global Business Summit on Energy, Clegg said the funding would be provided by the UK Green Investments team based within the Department for Business, Innovation and Skills. It will be managed by specialist fund managers Equitix and SDCL to invest in non-domestic energy efficiency projects.
Clegg also announced three new large investments in the UK’s green economy which are expected to create jobs – Dagenham-based Closed Loop Recycling will invest £12m in its plastic bottle recycling facility, Spanish firm Grupotec will expand the number of PV installations in the UK and Power Electronics is to open a UK HQ.
He said: “The UK is the sixth largest market in low carbon goods and environmental services and this coalition government is unreservedly committed to helping our low carbon sector thrive. The UK will not be left behind.
“Together we find ourselves at the vanguard of one of the most dynamic, most innovative, most important industries of our time.”
The Renewable Energy Association (REA) welcomed the announcement. The organisation’s chief executive, Gaynor Hartnell, added: “We need clear leadership from the top of government on renewable energy, so the deputy prime minister’s unequivocal commitment us very welcome and timely. He is quite right that a global energy revolution is underway and we look forward to working with him to ensure the UK fulfils its extraordinary potential.”