The process of transferring the UK’s Green Investment Bank (GIB) into private ownership has begun with the Government inviting private sector investors to register their interest.
According to Business Secretary, Sajid Javid, the move will allow the GIB to maximise investment into green energy projects by attracting greater private sector investment, which has so far been constrained by rules governing how public bodies can raise capital.
The launch of the sale comes as GIB announced it has supported a new £10 million investment to acquire and expand the renewable energy plant and district heating network in Wick, on the far north coast of Scotland.
Shaun Kingsbury, chief executive of GIB, comments: “In three years the team at GIB have built a special business that is green, profitable and admired around the world. GIB is an exciting investment opportunity, providing new investors with predictable returns and significant growth opportunities. The business is perfectly placed to play a leading role as the world moves decisively towards an unprecedented programme of green infrastructure investment.
“The government is now inviting Expressions of Interest from bidders to be evaluated as part of the first phase of the sale process. This will be followed by a bidding process later this year.”