The UK government has agreed the sale of the country’s Green Investment Bank to Australian bank Macquarie for £2.3bn ($2.9bn), according to unnamed sources. An official announcement of the deal is expected on May. The sale has been criticised by campaigners and the Green Party, as well as the Liberal Democrats and Labour, due to concerns over Macquarie’s commitment to green energy. Critics, including former ministers, have also said that the bank’s assets have been undervalued. Macquarie has committed £1.7bn to the deal, and a further £600m has been committed by the UK university pension fund the Universities Superannuation Scheme.
The UK government has agreed the sale of the country’s Green Investment Bank to Australian bank Macquarie for £2.3bn ($2.9bn), according to unnamed sources. An official announcement of the deal is expected on Thursday. The sale has been criticised by campaigners and the Green Party, as well as the Liberal Democrats and Labour, due to concerns over Macquarie’s commitment to green energy. Critics, including former ministers, have also said that the bank’s assets have been undervalued. Macquarie has committed £1.7bn to the deal, and a further £600m has been committed by the UK university pension fund the Universities Superannuation Scheme.