Macquarie denies asset stripping plan as it buys Green Investment Bank for £2.3bn

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Macquarie will also retain GIB’s brand and offices in Edinburgh and London, although bosses at the Australian firm would not be drawn on whether any redundancies would be made, saying it was “very early days”.

On top of the £3bn of new investment Macquarie has pledged, it is also setting up three new funds drawing in investment from its consortium partners.

The Universities Superannuation Scheme (USS), Britain’s biggest pension fund, and one of Macquarie’s funds will invest in one of the vehicles that will be focused on offshore wind developments, while USS and GCP Infrastructure Investments will back the second platform, a financing facility dubbed a “low carbon lending platform”.

The third fund, a so-called “green infrastructure investment platform”, will be supported by the Government and will hold £130m of GIB’s existing investments that will eventually be sold at a later date “in a way which returns best value for taxpayers’ money”. These disposals will be in addition to the £230m of sales Macquarie is eyeing.

Lord Smith of Kelvin, the independent chairman of GIB, said that based on the commitments the Australian firm had made “we believe Macquarie can be a good owner”. But others were sceptical about the deal.


Source: einnews.com