Global financial giant Macquarie has led a £2.3 billion takeover of the UK Green Investment Bank.
The firm will use the Edinburgh-headquartered institution to invest in green projects in the UK and across Europe. It has confirmed it will inject the £3 billion in clean energy projects the bank had already committed to making over the next three years.
And to overcome the international regulatory hurdles of operating as a ‘bank’ it will now be called the Green Investment Group.
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.”
— Macquarie Group (@Macquarie) August 21, 2017