The government has confirmed the sale of the Green Investment Bank (GIB) to Macquarie Group Limited has completed. The successful £2.3 billion deal ensures that all the taxpayer funding invested in GIB, since it was created, has been returned with a gain of around £186 million.
The bank will now be known as the Green Investment Group (GIG) and will be able to make investments overseas. A special share held by the Green Purposes Company Limited now comes into force, with five independent trustees able to approve or reject any proposed changes to the GIG’s future green purposes.
Tackling global climate change
Climate Change and Industry Minister Claire Perry said: “We led the world in setting up the Green Investment Bank and it is now being copied by others.
“Now that it’s in the private sector, it will be able to operate on an international level to tackle the global challenge of climate change. It is also perfectly placed to help us finance green initiatives for our Clean Growth Plan and realise the commitments set out in the Paris Agreement.”
Energy expert analysis
The Green Investment Bank sale delivers some value for the public purse. It is also hoped that the distinctive and focussed approach towards financing low carbon and renewable projects will continue under its new ownership.
Alastair Fells MEI, Incorporated Eng, PG Dip Fuel Tech, BSc Hons