Judge to leave Green Investment Bank

The head of waste investment at the governments Green Investment Bank, Adrian Judge, is to step down from the post next month.

Mr Judge, who had worked within government to help establish the GIB, will be replaced by Chris Holmes, who joins from the London office of Dutch bank-NIBC, where he led the capital markets division of its infrastructure and renewables business.

Due to join the GIB in November as managing director for waste and bio-energy, Mr Holmes already has experience of waste sector finance from his current role and previously within the project finance team at financial advisers Grant Thornton.

His work is thought to have included advising waste management firm Shanks on some of its northern European operations as well as working on the companys East London Waste PFI deal.

The GIB was launched in November 2012, with 3.8 billion of funding from the government, with the aim of accelerating investment in environmental projects in the UK.

Projects

Among the waste projects to which funding has already been committed are a waste wood fuelled combined heat and power (CHP) plant which is being developed in Londonderry by Evermore Renewable Energy for whom Mr Judge is a board member.

The GIB has also invested in the Western Bioenergy biomass facility in South Wales, for which wood recycler Stobart Biomass has this week announced the signing of a long term feedstock contract (see letsrecycle.com story).

‘As someone who has built a career in infrastructure and project finance, this represents a great new professional challenge for me in a sector I am passionate about.’

Chris Holmes

Chris Holmes, said: Im delighted to be joining GIB. As someone who has built a career in infrastructure and project finance, this represents a great new professional challenge for me in a sector I am passionate about. GIB has the sector knowledge and the capital to make a real difference and Im looking forward to building upon the excellent work by Adrian and the team.

According to GIB, Mr Judge will continue to work alongside it on select projects on a part-time basis, but the organisation said that he had intended to step back from the full time post once the team and strategy had been established.

While some have described Mr Judges departure from the role as a blow to the GIB, it has also been noted that Mr Holmes previous experience in the waste sector will be an asset to the Bank.

Nigel Mattravers, senior waste advisor at Golder Associates, said: We will miss Adrian. He came from a background of doing things and we are always short of people who get things done. Chris Holmes has a good understanding of the market and the issues and technology involved. He will understand these as he has been involved for at least 13 years in the sector through working at Grant Thornton and NIBC.

He added that experience with NIBC would be advantageous for Mr Holmes because the European banks were the first ones that understood waste, so NIBC had involvement with the first tranche of projects.

Profile

One financial commentator told letsrecycle.com that he considered there was a changing of profile generally of the Green Investment Bank. You could see it as the GIB becoming more of a bank rather than being part of industry and that has meant the appointment of a banker to the waste post. Adrian Judge was not a banker but brought with him a knowledge of the sector and he had a lot of support from the industry who believed he knew the market well.

Commenting on the change in personnel, Shaun Kingsbury, GIB chief executive, said: Waste recycling and waste to energy projects are absolutely critical parts of the jigsaw we need to put together if the UK is to hit its ambitious environmental targets. Were pleased to welcome Chris and the wealth of experience he brings in financial services generally and waste infrastructure in particular.

Id also like to pay tribute to Adrian Judge and his contribution to the set-up and early success of GIB. Adrian has made an enormous contribution and while we wish him well for whatever he chooses to do next, Im delighted that well still be able to call on his counsel.