Macquarie Group Limited has acquired the Green Investment Bank (GIB) from the government for £2.3bn.
As a result of the acquisition, the company will now be known as the Green Investment Group (GIG).
The taxpayer is set to make an overall gain of approximately £186m from the sale.
The new owner has agreed to commit to the GIB’s target of leading £3bn of investment in green energy projects over the next three years.
GIB’s independent board has supported the government’s decision to sell the business to Macquarie.
The Edinburgh office will become the home of a new revenue-generating business as well as providing services to the green energy portfolios of both Macquarie and GIB in the UK.
Claire Perry, climate change and industry minister, 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.”
A new green ‘special share’ held by the Green Purposes Company Limited also comes into force now, which involves five independent trustees who have the power to approve or reject changes to GIG’s green purposes in the future.
The government will continue to hold an interest in a portfolio of a small number of GIB’s existing green infrastructure investments.
Aldermore introduces new lending tiers
Aldermore has announced the launch of two new lending tiers across its standard range of residential mortgages.
Al Rayan increases profit rate on instant access cash Isa
To celebrate Ramadan, Al Rayan Bank has increased the expected profit rate (EPR) on its instant access cash Isa from 1.22% GPA (gross per annum) to 1.35% GPA.
Close Brothers hires new motor finance CEO
Close Brothers Motor Finance has announced the appointment of Rebecca McNeil (pictured above) as its chief executive officer.
Hampshire Trust Bank appoints Matthew Wyles as CEO
Matthew Wyles (pictured above) is set to become the new CEO at Hampshire Trust Bank, subject to regulatory approval.
U Account introduces cash pay-in option
U Account has launched a cash pay-in option for its 50,000 current account customers.
Aldermore provides £6.27m loan for south London development
Acre Invest has agreed a £6.27m funding package with Aldermore to build a large commercial unit and 18 apartments in Sydenham, south London.
Metro Bank to launch AI-powered money management service
Metro Bank has announced the upcoming release of Insights, a new artificial intelligence-powered money management service.
Over 500,000 complaints made about current accounts
The FCA has revealed that 509,047 complaints were made to financial services firms about current accounts during the second half of 2017.
A guide to ethical banking
Some 56% of workers with a pension are interested in investing in community projects, according to recent research.
Countingup partners with PrePay Solutions
PrePay Solutions (PPS) has joined forces with challenger bank Countingup to provide business accounting and banking together in one place.