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Macquarie hoists manager model on UK's GIB

21 April 2017 3:54PM
A suite of Macquarie-managed "green" themed infrastructure vehicles will emerge once Australia's Macquarie Group wraps up its takeover of Green Investment Bank in Britain.Three new investment vehicles will be established upon completion of the GBP1.7 billion purchase in late 2017. Macquarie and its co-investors will also assume GBP600 million in liabilities.The bank has "backed 99 green infrastructure projects, committing £3.4 billion to date," GIB's website states. Macquarie has elevated this number to £4 billion of green infrastructure assets and projects supervised or managed by GIB.The Macquarie-led consortium buying GIB comprises Macquarie Group Limited, one of its existing satellites, Macquarie European Infrastructure Fund 5 and the UK's Universities Superannuation Scheme.There will be an "offshore wind investment vehicle", a "low carbon lending platform" alongside "the green infrastructure investment platform", in some ways the present core of GIB.Macquarie said the latter would "comprise a small number of the Green Investment Bank's existing investments."The UK government set up the Green Investment Bank in 2012. Its sale has been drawn out and laden in controversy. The government's commitment to finalise the sale now has been made amid the rush to settle matters before the government shifts to caretaker mode ahead of June's general election.A "golden share style arrangement", Macquarie and the UK government said, would "safeguard its green purpose." This share will be held by five independent trustees. GIB's board endorsed Macquarie's new model for the bank's activities, saying "these types of institutions are well-suited to the long-term ownership of large-scale green infrastructure assets. This approach mirrors GIB's recent success in raising a £1 billion offshore wind fund and selling three GIB assets to that fund.

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