Ownership of Green Investment Bank (GIB) has been passed on to Macquarie from the UK Government in £2.3billion deal.
Climate Change and Industry Minister Claire Perry confirmed the sale today.
Macquarie, a global investment banking and diversified financial services group, has pledged to continue the GIB target of a yearly £3billion investment in green energy projects.
The government believes that the sale will allow GIB to increase investment as the UK moves closer towards a green economy.
Macquarie has altered the name of the GIB to the Green Investment Group (GIG).
Despite the sale, the UK Government will still hold a small portfolio of green asset investments within the organisation.
Ms Perry 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.”
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