A Macquarie-led consortium has successfully completed the acquisition of the UK Green Investment Bank Ltd from the UK Government for £2.3 billion.
The consortium is made up of Macquarie Group Ltd, Macquarie European Infrastructure Fund 5 and Universities Superannuation Scheme.
Announcing the completion of the deal, Macquarie said that under its ownership, the Green Investment Bank will remain one of the leading investors in green infrastructure in the UK and Europe, with added scope to further expand internationally.
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Macquarie will adopt the Green Investment Bank as its primary vehicle for principal investment in green projects in the UK and Europe and will consolidate its own existing UK and European principal investment business into that vehicle.
Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group, and the Green Investment Bank have together led over £15 billion of investment in the UK across a broad range of renewables technologies.
These include: energy efficiency, bioenergy, energy from waste, onshore and offshore wind, low carbon transport, solar and tidal energy and energy storage.
As previously announced, Macquarie has committed to the Green Investment Bank’s target of leading £3 billion of investment in green energy projects over the next three years, operating in accordance with its established green purpose.
Macquarie said that in order to pursue the Green Investment Bank’s vision to invest in green infrastructure internationally and positively contribute to the globalisation of the renewables industry, the Green Investment Bank will now operate under the name Green Investment Group.
As part of Macquarie, the Green Investment Group is now one of Europe’s largest teams of green energy investment specialists, with expertise in project finance and development, construction, investment and asset management of green energy infrastructure.
The team will continue to be based in Edinburgh and London.
Daniel Wong, Head of Macquarie Capital Europe, said:
"Combined with Macquarie’s resources as the world’s largest infrastructure investor, the Green Investment Group will be uniquely placed to continue in its pioneering role in the world's transition to a low-carbon economy. We look forward to growing the Green Investment Group’s capacity and its contribution to the UK and global renewables markets.”
Lord Smith of Kelvin, Chair of the Green Investment Bank up to the completion of the transaction, added:
“I’m confident that with this support the Green Investment Bank, nurtured so well through its early years by the UK Government, will go on to bigger and better things.”
“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. To achieve this the world needs committed, innovative, specialist, experienced investors with access to deep and flexible pools of capital. The Green Investment Group will now have the platform to meet that market need and fulfil its full potential.”
As previously announced, the Green Investment Bank will continue to collaborate with the Department of Business, Energy and Industrial Strategy in the joint venture UK Climate Investments LLP (UKCI). Macquarie said the Green Investment Group remains committed to UKCI and its vision to invest in green infrastructure in selected developing countries.
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