A consortium of companies led by Australia’s Macquarie Group has completed an acquisition of UK Green Investment Bank from the UK Government for £2.3bn.

Also included in the consortium are Macquarie European Infrastructure Fund 5 (MEIF5) and Universities Superannuation Scheme (USS).

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With completion of the deal, Green Investment Bank will continue to be based in Edinburgh and London, UK. It specialises in project finance and development, construction, and asset management of green energy infrastructure.

Macquarie Capital Europe Energy and Infrastructure head Mark Dooley said: “In the Green Investment Bank, we found a real depth of expertise and decades of experience that will underpin our collective aspirations in renewables investment.

"Macquarie is set to adopt the bank as its primary vehicle for principal investment in green projects in the UK and Europe."

“Taking the Green Investment Group to the next stage of its evolution coincides with many green technologies competing commercially with traditional forms of power generation without the need for subsidies.”

Macquarie is set to adopt the bank as its primary vehicle for principal investment in green projects in the UK and Europe. The company will also work together with Green Purposes Company Trustees to ensure all of its investments are aligned with its green purpose.

Green Investment Bank will also continue to collaborate with the UK’s Department of Business, Energy, and Industrial Strategy in the joint venture UK Climate Investments (UKCI), and will invest in green infrastructure in selected developing countries.