Thank you for contacting me about the Green Investment Bank (GIB) which was established by the Government to support green infrastructure and it has proven to be a pioneering venture into sustainable investment, committing £2.6 billion of capital to 79 green infrastructure projects across the UK since its launch.

The Independent Chair of the Bank, Lord Smith, has stated that attracting new investors is vital if the GIB is to fund its ambitious plans to double the size of its business, expand into new parts of the green economy and deliver more environmental benefits. Indeed, the Government has always been clear that the GIB was designed with a view to a possible transfer to the private sector. The company was designed to leverage the maximum amount of private capital into green sectors for the minimum amount of public money. Moving the company into private ownership is a natural development that further delivers this aim.

A two stage auction process was formally launched in March 2016 and while the detail of the sale process is commercially confidential, the Government has no interest in selling to an asset stripper. Potential investors have been asked to confirm their commitment to GIB's green values and investment principles and how they propose to protect them, as part of their bids for the company. In addition, the Government has approved the creation of a special share, held by independent trustees, to protect GIB's green purposes in the future.