Green Investment Group completes bioenergy sale

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 […]

UK’s £2.3bn Green Investment Bank sale completed

The UK Government has officially transferred ownership of the Green Investment Bank (GIB) to its new private sector owners. Australian bank Macquarie has now taken over the bank, headquartered in Edinburgh, in a £2.3 billion deal, which previously drew criticism from some politicians and environmentalists. The government however decided that moving the GIB into the […]

EU clears joint control of UK green bank’s wind farms

The European Commission has approved the joint takeover of nine wind farms from the UK Green Investment Bank (GIB). Located off the coast of England and Wales, they are now owned by Australia’s Macquarie Group and the UK’s Universities Superannuation Scheme Limited (USSL). The news follows the £2.3 billion sale of the GIB to the Macquarie […]

Green Investment Bank’s £2.3bn sale confirmed

The £2.3 billion sale of the UK’s Green Investment Bank (GIB) to the Macquarie Group has been confirmed. The deal was officially announced by Climate Change Minister Nick Hurd earlier today. The institution, which was set up by the UK Government five years ago to fund renewable and low carbon projects, will retain its name, objectives and […]

UK green bank bidder launches legal action over sale

A bidder for the UK’s green bank has launched a legal challenge to the government’s decision to provisionally award the deal to Australian investment bank Macquarie. Sustainable Development Capital (SDCL) alleges Macquarie’s preferred bidder status for the Green Investment Bank (GIB) “was not compliant” with the criteria set out by the government. SDCL states: “The […]

Scotland calls for clarity on sale of UK green bank

Scotland is calling on the UK Government to provide clarity on the sale of the Green Investment Bank (GIB). Keith Brown, Cabinet Secretary for Economy, Jobs and Fair Work, has written to Industry and Climate Change Minister Nick Hurd following reports the current deal is under threat. MPs on the Environmental Audit Committee (EAC) recently […]

Government to be questioned on GIB privatisation

The government is going to be questioned on the privatisation of the Green Investment Bank (GIB) tomorrow. It is the second evidence session by the Environmental Audit Committee into the bank’s future. It follows the government’s announcement to part-privatise it and comes after laws governing the bank’s green purposes were cancelled. The Committee will hear from the […]

£60m boost for UK community green projects

A new investment of £60 million to help towards community-scale renewables projects across the UK has been announced. Business Secretary Vince Cable said the UK Green Investment Bank (GIB) will provide £50 million and the Strathclyde Pension Fund (SPF) will provide the remainder. The first project to be developed is a 2MW hydro power plant […]

Whisky distillery tots up backing for green power

The Macallan whisky distillery in Speyside, Scotland has won backing for its green energy project. Today it was announced the Green Investment Bank and John Laing are investing £26 million, while the Treasury is guaranteeing £48 million of debt raised from the bond market. Due to be ready in 2016, the new biomass Combined Heat […]

New £2m energy efficiency fund for SMEs

The UK’s Green Investment Bank (GIB) has announced funding worth £1 million to help small and medium-sized businesses invest in energy efficiency. It will be matched by another £1 million of private capital and the total amount is expected to finance up to 20 projects. Typical projects would be in the range between £25,000 and […]