Possible float of Green Investment Bank in place of sale
The UK government is to ditch plans to sell the Edinburgh-based Green Investment Bank (GIB) in favour of a £3.8 billion flotation, according to a newspaper report yesterday.
The report, in the Sunday Times, came after calls from politicians north and south of the Border to halt the acquisition of the renewables-focused lender by Australian investment firm Macquarie, chosen in October as preferred bidder, with concerns including asset-stripping.
Additionally, MSP Alison Johnstone said last week that in the current circumstances “it would be foolish for the GIB to be purged of its successful ventures in financing key environmental projects throughout Scotland and the UK”.
A separate report has cited a Whitehall official saying that while an initial public offering was a possibility, it was not set to take place in the short term.
The GIB was founded in 2012 by the UK government, backed by public funds, and has invested more than £2.7bn in environmental projects.