Australia's Macquarie Group has completed its acquisition of the UK's Green Investment Bank for £2.3bn.
Macquarie said it will work with the Green Purposes Company trustees to ensure that all investments made through the GIG are in line with the bank's green goal. It also plans to expand the reach of the bank internationally, explaining that GIB will become its primary investment vehicle for clean energy investment in the United Kingdom and Europe.
It will also provide services to the green energy portfolios of both Macquarie and the Green Investment Group in the UK.
The word "bank" has been ditched "to overcome the legal and regulatory barriers to using the term in many global markets". "We look forward to growing the GIG's capacity and its contribution to the United Kingdom and global renewables markets".
Macquarie has committed to the Green Investment Bank's target of leading £3bn of investment in green energy projects over the next three years, operating in accordance with its established green goal.
The government announced that it had agreed a £2.3bn sale to the Macquarie-led consortium, made up of Macquarie Group, Macquarie European Infrastructure Fund 5 and Universities Superannuation Scheme, in April.
It has also changed the company's name to Green Investment Group, which will be led by Edward Northam, most recently GIB's head of investment banking.
Its current chief executive Shaun Kingsbury will now step down from his role and will not join Macquarie Group.
Lord Smith of Kelvin, chairman of the Green Investment Bank up to the completion of the transaction, said: "Under Macquarie ownership, the business will have the support it needs to deliver a growing green impact, at home in the United Kingdom and now overseas".
"If the Paris Agreement is to be delivered we need to see mature green infrastructure delivered quickly and at scale, alongside the rapid development of emerging technologies".
Green groups and politicians from all parties have sought to derail the sales process over the past year, warning that the sell-off of the venture risks threatening the bank's core mission to drive investment in green industries.