LONDON (Reuters) - The British government has appointed Shaun Kingsbury, previously an investment partner at a private equity firm, as chief executive of the country's new Green Investment Bank which will spur private investment in low-carbon projects.
The appointment, announced by the Department for Business, Innovation and Skills on Thursday, paves the way for the bank to be fully operational later this year after it gets approval from the European Commission, which ensures state aid offered by member countries meets competition rules.
Kingsbury, previously at Hudson Clean Energy Partners, will take up his new post, along with six new non-executive directors, in late October.
"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," Kingsbury said in a statement.
The bank, headquartered in Edinburgh, is capitalized with 3 billion pounds ($4.84 billion). It began to invest directly in projects earlier this year and should be given full borrowing powers by around 2015.
Its initial targets are projects in the offshore wind, waste and non-domestic energy efficiency sectors.
($1 = 0.6193 British pounds)
(Reporting by Nina Chestney; Editing by Anthony Barker)
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