The Green Investment Bank has been sold

The UK government has sold The Green Investment Bank to a consortium for billions, sparking criticism from those who fear that assets will simply be stripped and sold.

Photo: Dong Energy, Wind Power

The UK government has sold The Green Investment Bank (GIB) to a consortium led by Australian bank Macquarie in a deal worth GBP 2.3 billion (EUR 2.7 billion), reports Offshorewind.

The privatization of GIB was announced by the former UK government in March 2016 with the stated goal to sell between 75 and 100 percent of the bank. GIB was established in 2012 and has received over GBP 3.8 billion in state support. The bank was the first in the world to exclusively invest in renewables. Since its launch, the bank has secured returns of over 10 percent annually for its owners and customers.

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