The Green Investment Group (GIG), previously the Green Investment Bank (GIB), has completed selling off shares across 70MW of bioenergy assets across the UK.

The deal with the Bioenergy Infrastructure Group drew to a close with the sale of the group’s 25% share of the Hoddesdon waste energy facility in Hertfordshire.

Expected to be completed in 2018, the plant is designed to use advanced anaerobic digestion technology to convert food and green waste into biogas, which can be burned to generate sustainable power and heat.

The Bioenergy Infrastructure Group’s strategy plans to double its 125MW over the next five years and expects the latest acquisition to play an important role in this target.

The UK Government controversially sold the Green Investment Group to Australian bank Macquarie for £2.3 billion in August.