Torbay puts forward bid for Green Investment Bank

The Torbay Development Agency has submitted a bid for Torbay to become the home to the new Green Investment Bank (GIB), a Government initiative designed to channel money into firms developing green technology. Early investment priorities could include funding offshore wind, waste and non-domestic energy efficiency projects.

The GIB's mission is to accelerate investment into the UK’s green economy, with a guaranteed £3bn from the treasury in initial capital.

Interested locations have been asked to self-assess against a common set of criteria, to demonstrate whether they would be an effective base for the GIB.

The South West is leading the way in renewable technology, and Torbay is well positioned to become the centre of this thriving sector.

Torbay faces fierce competition with Business Secretary Vince Cable revealing 32 bids had been received from across the UK.

Ministers are expected to make a decision in March on where the bank’s headquarters will be based, bringing with it the prospect of 100 jobs and fresh investment.

Mayor of Torbay Gordon Oliver said: "Torbay is an excellent place to invest due to its improving skill levels and low costs, which are set to become increasingly competitive once the South Devon Link Road is built, further reducing the logistical costs of operations."

Steve Parrock, Torbay Development Agency’s chief executive, said: "Recent reports confirm that the south west is the natural choice for environmental businesses to be based, which we would certainly agree with. Together with the appeal of the obvious quality of life benefits that Torbay has to offer ours is strong and serious bid. We are very grateful to all those organisations that participated in the bid preparation, especially the private sector, South Devon College, Torbay Council and the Heart of the South West Local Enterprise Partnership."