Australia’s Macquarie Group has agreed to acquire the UK’s Green Investment Bank for 2.3 billion pounds (AUD $3.89 billion) a recent press release has confirmed.
The banks newly established target of 3 billion pounds will also be honored for new green energy investments.
Daniel Wong, Head of Macquarie Capital, Europe, saying “It is a privilege to be selected by HM Government to acquire the Green Investment Bank. The Green Investment Bank is a pioneering business, with outstanding people, expertise, credentials, brand and networks.”
“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. We understand the responsibilities that come with this ownership, and we are fully committed to maintaining its green purpose as we grow the business.”
Green Investment Bank: History of renewable projects
Working as a combined force is nothing new for these two companies with project investments of 15 billion pounds being completed between the two in support of in the UK’s low carbon economy over the past five years.
Together they have been able to finance 1.8 Gigawatts worth of solar projects and specialize in wind projects, providing 60% of the UK’s off-shore wind capacity.
The Green Investment Bank since forming in 2012 has been involved in many projects such as building a Wind Farm for the English Channel in 2015.
Supporting the banks message
Mr Wong continued in the press release going on to say “The future for green investment is very positive globally and the Green Investment Bank, combined with the Macquarie platform, will be well positioned to source opportunities and deploy capital…”
“This acquisition is underscored by Macquarie’s decades-long commitment to the UK as an attractive place to invest, and is a clear continuation of Macquarie’s pioneering role in the infrastructure sector and our commitment to the low carbon economy.”
To ensure the investment group sticks to its green purpose there will be a ‘special share agreement’ held by five trustees.
The acquisition by the Macquarie Group had been delayed due to a legal challenge from a rival bidder, Sustainable Development Capital which was rejected by the High Court last month as reported by the Financial Times.
