A consortium led by Macquarie has completed the acquisition of UK Green Investment Bank (GIB) from the British government.
GIB will now operate as Green Investment Group and will be headed by Edward Northam, who most recently was the head of investment banking at GIB.
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The consortium, which includes Macquarie Group, Macquarie European Infrastructure Fund 5 (MEIF5) and Universities Superannuation Scheme (USS), will use Green Investment Group as its main vehicle for green investment in green projects across UK and Europe. Macquarie’s own UK and European principal investment operations will be integrated into the new vehicle.
Macquarie also committed to GIB’s target of making £3bn green investments over the coming three years.
Meanwhile, GIB CEO Shaun Kingsbury will step down from his existing role and will not join Macquarie.
Macquarie Capital Europe head Daniel Wong said: “Combined with Macquarie’s resources as the world’s largest infrastructure investor, the Green Investment Group will be uniquely placed to continue in its pioneering role in the world’s transition to a low-carbon economy. We look forward to growing the Green Investment Group’s capacity and its contribution to the UK and global renewables markets.”
The deal, announced in April 2017, is valued at £2.3bn. Macquarie said that the deal will not affect its earnings and financial position.
