Britain’s state-owned Green Investment Bank’s delayed sale to Macquarie has been signed off for £2.3bn.
Editor’s Remarks: The deal marks the first major privatisation under Theresa May, originally drawn up by former Chancellor George Osborne as part of his deficit reduction programme. The bank, which has invested more than £2.7bn in green energy projects, has been up for sale since 2015, but repeated delays due to political opposition from left-leaning UK parties has drawn it out until Australian infrastructure bank Macquarie finalised the deal. Concerns have been raised over potential asset stripping by its antipodean suitor, though if it lives up to expectations that it will commit another £3bn to projects over the next three years, it might make little difference to the future of the green economy either way.
What to watch: UK Green Investment Bank, Macquarie Group, Sustainable Development Capital