Dan McGrail, the interim chief executive of GB Energy, is working to create a comprehensive list of investment prospects before his six-month secondment at the proposed state-owned energy firm concludes.
On his first day in this position, McGrail shared his primary goals with Energy Voice, highlighting the necessity of establishing robust foundations for the company’s long-term ambitions.
“The steps we take over the course of the next six months have to lay the foundations of how we create that long-term vision,” he said.
McGrail noted that the GB Energy team has pinpointed potential investment areas but is now concentrating on honing that list.
“We want to ensure that, by the end of that period, there are transactions which, if they haven’t already been taken forward, are ready to be taken forward.”
The Aberdeen-headquartered company’s prospects hinge on the approval of the Great British Energy Bill, which is presently nearing completion. McGrail emphasised the significance of being prepared to act once the legislative structure is established.
He commented: “We want to be ready to transact and to start investing in projects that will accelerate the energy transition within the coming months.”
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With a promised £8.3 billion in funding set to be accessible, GB Energy is central to the Labour government’s clean energy plan.
The chairman of the organization, Juergen Maier, has expressed his desire to transform GB Energy into a UK equivalent of Orsted, focusing on owning and investing in clean energy initiatives throughout the UK.
McGrail’s remarks follow GB Energy’s board convening for the first time in Aberdeen on March 17.
