Construction News

18/08/2017

UK Govt Completes Sale Of Green Investment Bank To Macquarie

The UK Government has sold the Green Investment Bank (GIB) to Macquarie Group for £2.3 billion.

The Edinburgh-based GIB will now become home to a new revenue-generating business, as well as providing services to the green energy portfolios of both Macquarie and GIB in the UK.

In addition, the deal ensures all the taxpayer funding invested in GIB since its creation, including set-up costs, has been returned with a gain of approximately £186 million.

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Climate Change and Industry Minister Claire Perry said: "We led the world in setting up the Green Investment Bank and it is now being copied by others.

"Now that it's in the private sector, it will be able to operate on an international level to tackle the global challenge of climate change. It is also perfectly placed to help us finance green initiatives for our Clean Growth Plan and realise the commitments set out in the Paris Agreement."

(LM/MH)

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