Posted on: 08/03/2016
Business Secretary Sajid Javid has invited private sector bidders to register their interest in buying the UK Green Investment Bank (GIB).
The UK Government plans to privatise the bank so it can raise funds on the wholesale markets to fund renewable energy and other “green” schemes.
Javid said: “The GIB is a world first, and it is a sign of its success that the idea is being copied globally.
“The special share structure protects the bank’s green mission meaning the GIB will continue to do exactly what it says on the tin.”
Support from the board
Lord Smith of Kelvin, independent chair of GIB, added: “Attracting new investors is vital if GIB is to fund its ambitious plans to double the size of its business, expand into new parts of the UK green economy and deliver a growing green impact.
“I am confident that the sale process will provide GIB with good new owners who will support GIB’s continued growth and leadership role in the global green economy long into the future.
“This launch, and the wider plans to introduce new capital and new owners to GIB, has the full support of GIB’s independent board.”
> See the bid document