The UK Green Investment Bank plc (GIB) will look to invest at least GBP 3 billion into the green economy after a deal was agreed to sell it to Macquarie Group Limited (Macquarie). The sale has a transaction value of around GBP 2.3 billion.
Macquarie has published a series of commitments for the future of GIB under its ownership, including:
- maintaining GIB’s green purpose and green objectives, in line with the ‘special share’ arrangements to safeguard GIB’s green purpose which will be held by five independent trustees
- maintaining the GIB platform and brand, and to utilise the skills and experience of GIB employees in Edinburgh and London
- GIB’s Edinburgh office will be home to a new revenue generating project delivery business providing services to the green energy portfolios of GIB and Macquarie in the UK
As part of the transaction, a number of GIB assets will be moved into a new offshore wind investment vehicle which will be managed by GIB, which will retain a 25% stake. Investors in this investment vehicle will be long-term institutional investors Macquarie European Infrastructure Fund 5 (MEIF5) and the Universities Superannuation Scheme (USS). The government will continue to hold a GBP 130 million portfolio of a small number of GIB’s existing green infrastructure investments. These assets will continue to be managed by GIB until they are sold on in a way which returns best value for taxpayers’ money.