The British government is selling the Green Investment Bank to Australian bank Macquarie for close to four billion Australian dollars.
The Australian bank led a consortium comprising Macquarie Group Limited (Macquarie), Macquarie European Infrastructure Fund 5 (MEIF5) and Universities Superannuation Scheme (USS), to acquire the bank which was launched in 2012 to channel investment into low carbon development.
Upon completion, Macquarie will be the owner of the Green Investment Bank with «special share» arrangements to safeguard its green purpose which will be held by five independent trustees.
New Investment Vehicles
Upon transaction completion, the Green Investment Bank will manage or supervise over 4 billion Pounds sterling of green infrastructure assets and projects, with investors including MEIF5, USS, GCP Infrastructure and the U.K. Government.
Specifically, the Green Investment Bank will establish three new investment vehicles – an offshore wind investment vehicle, a low carbon lending platform and a green infrastructure investment platform.
A Green Commitment
The Green Investment Bank will become Macquarie’s platform for principal investments in green infrastructure projects in the UK and Europe. As a substantial investor in the UK’s renewable energy sector in its own right, Macquarie will integrate its existing UK green energy principal investing business into the Green Investment Bank.
«By combining the Green Investment Bank with the largest infrastructure investor in the world, we will create a market leading platform dedicated to investment in the low carbon economy in the UK and beyond,» said Daniel Wong, Head of Macquarie Capital, Europe.
