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Britain To Privatise Green Investment Bank

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http://uk.reuters.com/article/2015/06/25/uk-britain-sale-green-bank-idUKKBN0P42SP20150625

Britain is to begin selling stakes in its Green Investment Bank (GIB) to bring it into private ownership and to help it to grow, the government said on Thursday.

The move to privatise the bank also comes a week after the government said it would scrap all new subsidies for onshore wind farms a year earlier than previously planned.

Business Secretary Sajid Javid said the move would give the bank greater freedom to borrow and remove limitations from European Union regulations on state aid and allow the bank to attract more capital.

"In 2012 we set up the Green Investment Bank to support important investment in the UK’s green infrastructure and since then it’s gone from strength to strength," British finance minister George Osborne added.

"That is why we can now begin exploring options for moving the bank into the private sector to enable it to access larger pools of capital and act more freely to invest in a broad range of green sectors."

Since the bank was created as a commercial venture at the end of 2012 to back green energy projects and to spur private sector investment it says it has invested 2 billion pounds in 50 projects worth over 8 billion pounds including waste management plants and offshore wind farms.

Ah yes because it can only access more capital if it isn't government owned....

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