Macquarie completes takeover of UK's Green Investment Bank
Controversial sale was first major privatisation by UK PM Theresa May
Name to be changed to Green Investment Group
Australian financial group Macquarie on Friday said it had completed the controversial £2.3bn takeover of the Green Investment Bank (GIB) from the UK government.
The sale, agreed in April, was criticised severely by former Cabinet ministers and environmentalists, who warned that Macquarie would asset strip the business.
Former Liberal Democrat energy and climate change secretary said at the time the sale was “environmentally irresponsible”, and “politically dubious” just ahead of June's General Election.
Macquarie said it would change GIB's name to Green Investment Group to overcome regulatory barriers to using the term “bank” in some international markets.
It added that the unit would now become its main vehicle for investment in green energy projects across Europe.
“Macquarie has committed to the Green Investment Bank’s target of leading £3bn of investment in green energy projects over the next three years, operating in accordance with its established green purpose,” the bank said.