The UK's Green Investment Bank, formally launched in October, has made its first direct investments, in deals also involving a series of private-sector institutions including UK banks, fund managers and a Dutch pension fund.

The publicly-owned bank, a flagship initiative of UK business secretary Vince Cable, was formally launched at the end of November. Its precursor organisation, UK Green Investments, committed £180m to four fund managers in April to invest in a range of smaller projects in energy-efficiency initiatives and waste recycling, but yesterday's investments are the first big-ticket commitments the bank has made directly.