NO GUARANTEES ON HEADCOUNT
UK sells green bank amid flak over future
Bankers close to the deal say there is little investors can do except sell its assets
London — The British government will sell the Green Investment Bank (GIB) to a consortium led by Macquarie Bank in a deal worth £2.3bn that critics say fails to guarantee its future. The Australian bank’s purchase of GIB, which backs green projects with public funds, had been expected since a court rejected the claim of a rival bidder earlier in April, but it has been opposed by environmental groups and some UK members of parliament. They say Macquarie will strip the bank of its assets, potentially diluting its purpose of investing in green projects. The government set up GIB in 2012 as a commercial venture to spur private investment in green projects. It has invested more than £2bn in projects such as offshore wind farms and waste management. The deal comprises a £1.7bn price tag and about £600m in funding commitments for existing GIB projects. As the government has provided £1.5bn since 2012, the transaction price at the date of signing represents a £160m premium on total governme...
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