Macquarie wraps up Green Investment Bank acquisition

Illustration/Atlantis’ AR1500 tidal turbine (Photo: Atlantis Resources)

Macquarie-led consortium has completed the acquisition of Green Investment Bank from the UK government for £2.3 billion, which will now operate under the name of Green Investment Group.

Under the new ownership, the Green Investment Group will remain one of the leading investors in green infrastructure in the UK and Europe, with added scope to further expand internationally, the global investment and banking services group Macquarie Group said.

Macquarie informed it will adopt the Green Investment Group as its primary vehicle for principal investment in green projects in the UK and Europe and will consolidate its own existing UK and European principal investment business into that vehicle.

The Green Investment Group will be led by Edward Northam, working closely with Macquarie Capital’s senior leadership team, according to Macquarie.

Daniel Wong, Head of Macquarie Capital Europe, 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.”

As previously announced, Macquarie has committed to the Green Investment Group’s target of leading £3 billion of investment in green energy projects over the next three years, operating in accordance with its established green purpose.

Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group, and the Green Investment Bank have together led over £15 billion of investment in the UK across a broad range of renewables technologies, including tidal energy.

Macquarie is currently advising on 850MW of tidal projects under development, including the projects from Tidal Lagoon Power and Atlantis Resources.

Furthermore, Mark Dooley, Head of Energy and Infrastructure at Macquarie Capital Europe, said earlier this year for Bloomberg that the group was also interested in taking an equity stake in Tidal Lagoon Power’s £1.3 billion Swansea Bay tidal lagoon project.

Following today’s completion of the Bank’s acquisition, Mark Dooley said: “Taking the Green Investment Group to the next stage of its evolution coincides with many green technologies competing commercially with traditional forms of power generation without the need for subsidies.”

The consortium behind the UK Green Investment Bank’s acquisition includes Macquarie Group, Macquarie European Infrastructure Fund 5 (MEIF5) and Universities Superannuation Scheme (USS).

Macquarie Group confirmed that the Green Investment Bank will continue to collaborate with the Department of Business, Energy and Industrial Strategy in the joint venture UK Climate Investments.

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