The UK government has announced the sale of the Green Investment Bank, which invests in cleantech, renewable energy and other ‘green’ infrastructure projects across the UK, including Northern Ireland. It will be sold to the Australian investment firm, Macquarie Group, for £2.3 billion.
The Green Investment Bank has invested in a number of cleantech and renewable energy projects in Northern Ireland: in 2013 it invested £20 million in Evermore Renewable Energy in Derry for the development of Northern Ireland’s largest renewable energy plant, and in 2015 it invested £47 million in a cleantech facility in Belfast that is being developed by RiverRidge Energy to focus on a process known as Energy-from-Waste (EfW).
Founded by the government in 2012, the Green Investment Bank was launched to support the growth of the ‘green economy’ throughout the UK, and has invested a total of £3.3 billion in renewable energy and green technology projects since its launch.
Under the ownership of Macquarie, which is one of the largest infrastructure investors in the world, the Green Investment Bank will invest more into the UK’s green economy than ever before, targeting £3 billion of new investment over the next 3 years.
Daniel Wong, head of Macquarie Capital's European arm, said: "By combining the Green Investment Bank with the largest infrastructure investor in the world, we will create a market leading platform dedicated to investment in the low carbon economy in the UK and beyond. We understand the responsibilities that come with this ownership, and we are fully committed to maintaining its green purpose as we grow the business.”
GIB will become the primary vehicle for Macquarie’s renewable energy investments in the UK and Europe, meaning the Green Investment Bank will begin investing in cleantech and renewable energy projects elsewhere in the EU for the first time.