The government has confirmed the sale of the UK’s Green Investment Bank (GIB) to financial business, Macquarie Group Limited (Macquarie).
The deal includes the Universities Superannuation Scheme, valued at £2.3bn, which represents a premium over government funding of around £160m.
The deal is subject to regulatory approvals, including EU merger clearance, and has the support of the GIB’s independent board.
The new owners aim to invest £3bn in the green economy over the next three years. They have also committed to maintaining GIB’s green purposes and objectives through a special share arrangement, held by five independent trustees.
Nick Hurd, Climate Change and Industry Minister, said: “This deal gives us the best of both worlds. We have secured fair value for the UK taxpayer. GIB has a well-funded new owner that is committed to the Bank’s green mission, with a track record of success in green investment and an ambition to grow the business. The UK will benefit from increased investment in our green infrastructure as we make the transition to a green economy.”
David Fass, CEO EMEA, Macquarie Group, said: “Our combined platform will build on the legacy of the Green Investment Bank and, alongside our knowledge of energy and infrastructure, will open further opportunities in low carbon investment both in the UK and further afield.”