Having chaired business secretary Vince Cable’s advisory group, and then agreeing to sit as deputy chairman of the UK Green Investment Bank (GIB), Adrian Montague will leave the role in April.

No reason for the departure has been made, but Montague, who is also non-executive chairman at private equity firm 3i, says that ‘the time will be right’ for him to step aside in the spring.

Cable comments, ‘Sir Adrian has been a key architect of the Green Investment Bank, both as a committed chair of the advisory group and active deputy chair.

‘His advice has been invaluable and he has been a major force in getting the UK GIB up and running.’

To coincide with Montague’s departure, the Department for Business, Innovation & Skills has announced that a new senior independent director for the UK GIB is now being recruited.

More on the Green Investment Bank:

• Budget 2011: Green Investment Bank will have up to £3 billion
• David Cameron’s GIB gets EC approval
• Moulton and Fairman team up on government green fund
• Greensphere Capital leads first UK GIB deal

Back in October 2012, the government’s UK GIB was given the rubber stamp from the European Commission to start business. Earlier in 2012 the £3 billion fund had been established as a public company.

A month after its approval was granted; the GIB closed its first deal when Jon Moulton’s Greensphere Capital invested in a project in the North East of England which will generate energy from waste.

Robert Smith, chair of the UK GIB, adds, ‘It has been really important to me to have had Adrian [Montague] alongside since I was appointed in May 2012.

‘Without his nurturing of the idea of the Green Investment Bank we would not have the institution of substance that we have today.’