The process of transferring the Green Investment Bank (GIB) into private ownership will begin today as the government invites private sector investors to register their interest, Business Secretary Sajid Javid has announced.

A transfer to the private sector will allow the GIB to maximise investment into green energy projects by attracting greater private sector investment, which has so far been constrained by rules governing how public bodies can raise capital.

The launch of the sale comes as GIB announced it has supported a new £10 million investment to acquire and expand the renewable energy plant and district heating network in Wick, on the far north coast of Scotland.

Business Secretary Sajid 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.”

Lord Smith of Kelvin, independent chair of GIB said: “Attracting new investors is vital if GIB is to fund its ambitious plans to double the size of its business, expand into new parts of the UK green economy and deliver a growing green impact.

“I am confident that the sale process will provide GIB with good new owners who will support GIB’s continued growth and leadership role in the global green economy long into the future.”

The government is now inviting Expressions of Interest from bidders to be evaluated as part of the first phase of the sale process. This will be followed by a bidding process later this year.