Australian investment bank Macquarie Group has emerged the winner in a struggle to buy the UK Government’s Green Investment Bank.
A Macquarie led consortium was announced as the winning bidder for the bank this week, paying A$6 billion. The bank will combine GIB’s renewable assets with its own UK projects to manage around A$9 billion in wind farms.
Investors including a Macquarie infrastructure fund, the U.K.’s Universities Superannuation Scheme and the U.K. government will invest in some of the projects, Macquarie said.
In a written statement to Parliament, UK climate change and industry minister Nick Hurd said Macquarie will target around A$6 billion in new investments over the next three years, more than the government had been contributing.
A rival bidder to Macquarie, Sustainable Development Capital, made a legal attempt to block Macquarie’s winning offer, saying taxpayers could get a better deal, but failed last month in getting a court to intervene.