The process of privatising the Edinburgh-based Green Investment Bank (GIB) will begin today, Business Secretary Sajid Javid has announced. In a speech last night at the Lord Mayor’s Trade and Industry Dinner at the Mansion House in London, Javid said the move would involve the sale of existing shares owned by the UK government and the injection of additional capital by new investors. He said the privatisation of the bank would enable GIB to “maximise investment” into green energy projects by attracting more private sector investment, which has so far been constrained by rules governing how public bodies can raise capital. Javid said: “The Green Investment Bank is a world first, and it is a sign of its success that the idea is being copied globally. Having proven the business model works, we now want it to make an even greater impact.
Scotsman 3rd March 2016 read more »