Taxpayers have made a profit of £186 million on the sale of the Edinburgh-based Green Investment Bank by the Brit-Govt.
The £2.3 billion acquisition by Australia’s Macquarie Group means that all the taxpayer funding invested in GIB since its creation, including set-up costs, has been recouped.
The Edinburgh office will be 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.
The company will now be known as the Green Investment Group (GIG) so that it will be able to make overseas investments.
The government will continue to hold an interest in a portfolio of a small number of GIB’s existing green infrastructure investments. These assets will continue to be managed by GIB until they can be sold on in a way which returns best value for taxpayers’ money.
New owner Macquarie has committed to the GIB’s target of leading £3 billion of investment in green energy projects over next three years.
Edward Northam, who was head of investment banking for the GIB and will take charge of the Green Investment Group as senior managing director.
Prior to joining Green Investment Bank, he spent 10 years as co-founder and chief executive of an Australian based renewable energy investment fund.
He commented: “When we started in 2012, it was about proving to mainstream institutional investors that you can deliver a financial as well as an environmental return. The industry is now different. It has proved its investability.”
21 Aug 2017