Macquarie close to winning privatisation contest for UK's GIB - report

Offshore wind farm in British waters. Author: Beverley Goodwin. License: Creative Commons, Attribution-ShareAlike 2.0 Generic

October 10 (SeeNews) - Australian bank Macquarie Group Ltd (ASX:MQG) is close to winning the privatisation tender for the UK's Green Investment Bank (GIB) in a deal worth around GBP 2 billion (USD 2.5bn/EUR 2.2bn), the Financial Times reported over the weekend.

It is understood that Macquarie has made a higher bid than its rival, a consortium grouping the Pension Protection Fund, Mitsui & Co Ltd (TYO:8031), General Electric Co (NYSE:GE) and John Hancock, the newspaper said.

A deal could be struck as early as this week, according to the report.

The price tag of GBP 2 billion includes GBP 1 billion in equity to be received by the UK government and GBP 900 million in still unpaid commitments to some construction projects. The acquirer is also anticipated to commit between GBP 600 million and GBP 700 million annually to future projects.

GIB, launched in 2012, has so far backed 82 green infrastructure projects, including offshore wind farms.

(GBP 1.0 = USD 1.240/EUR 1.110)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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