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Macquarie buys U.K. Green Investment Bank for $2.9 billion



Climate Finance

Macquarie, an Australian bank known for its infrastructure financing, led the purchase of theBritish government’s Green Investment Bank for £2.3 billion ($2.9 billion).

Macquarie, which was joined by Macquarie European Infrastructure Fund 5 and the Universities Superannuation Scheme, a U.K. pension fund, is expanding its green investment foothold in the U.K. and Europe.

An investment vehicle for offshore wind will include many of the Green Investment Bank’s existing investments, and new vehicles will be created for low-carbon and green infrastructure lending. Macquarie wants to grow the bank’s green infrastructure investments by £3 billion in the next three years.

Since it launched in 2012, the Green Investment Bank has invested £3.4 billion in public money in more than 100 green infrastructure projects.

Critics have questioned the sale to Macquarie over concerns the Australian bank could strip the green bank’s assets. Macquarie said ‘special share’ arrangements, held by independent trustees, will safeguard the bank’s green purpose. Thedeal is expected to close in two months.

This post originally appeared in ImpactAlpha’s daily newsletter. Get The Brief.

Photo credit: Green Investment Bank

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