PARLIAMENTARY WRITTEN QUESTION
Green Investment Bank (16 January 2017)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what level of ministerial clearance was required by Shareholder Executive to enable the Green Investment Bank to set up OSW Co Holdings 1 Limited, Galloper Holdco Ltd, Rampion Hold Co Limited, Rampion Investco Limited, OSW LP Hold Co Limited, WMR HoldCo Limited, Project G Holdings 1 Limited and Project G Holdco Limited.

Asked by:
Clive Lewis (Labour)

In November and December 2016 the Green Investment Bank (GIB) incorporated twelve new Special Purpose Vehicles (SPVs): Galloper Holdco Limited; OSW Co Holdings 1 Limited; OSW Co Holdings 2 Limited; OSW LP Holdco Limited; Project G Holdco Limited; Project G Holdings 1 Limited; Project G Holdings 2 Limited; Rampion Holdco Limited; WMR Holdco Limited; Rampion Investco Limited; New Green Interim Holdco Limited; and UK Green Investment Lyle Limited.

The SPV ‘UK Green Investment Lyle Limited’ was incorporated in the course of business-as-usual to support GIB’s investment in the Lincs offshore wind farm (publicly announced by GIB on 13 January 2017).

The remaining eleven SPVs were incorporated in order to facilitate the potential introduction of private capital in to a number of GIB’s offshore wind assets, following discussion between GIB and the UK Government. These entities are currently dormant and own no assets.

Answered by:
Mr Nick Hurd (Conservative)
19 January 2017