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A financial institution set up by government to accelerate Britain’s green power revolution could end up being sold to private equity firms and fund wind farms in Germany.
The Green Investment Bank, hailed as a world first for the UK when it was set up, is expected to bring in more than £4bn for the Treasury when it is privatized, probably by the end of this year.
Announcing the sell-off at the lord mayor’s dinner in Mansion House, London, on Wednesday night, the business secretary said a special share structure would ensure the company’s green mission continued.
“The Green Investment Bank was a world first, and it is a sign of its success that the idea is being copied across the world. Having proven the business model works, we now want to make an even greater impact,” Sajid Javid said.
Shaun Kingsbury, the GIB’s chief executive, said he had received expressions of interest from private equity investors, sovereign wealth funds and large foreign investment banks.
The government plans to sell between 75% and 100% sale of the GIB , which was set up in 2012 to provide lending to green projects that would otherwise find it hard to secure finance. Since then it has invested in 66 infrastructure projects and seven funds.
The GIB says it has directly committed £2.6bn to the UK’s green economy as part of wider transactions worth £10.6bn. Among the projects it has invested in are the Galloper wind farm off the coast of Suffolk, the Wick district heating network in the north of Scotland plus an energy from waste plant in Belfast.
The bank, which has 129 staff at its Edinburgh and London offices, said was producing an expected internal rate of return of more than 10%. “The business has strong and stable projected cash flow generation and costs are below or in line with industry benchmarks for a business of this kind.”
http://www.theguardian.com/business/2016/mar/02/green-investment-bank-foreign-buyers-energy
The Green Investment Bank, hailed as a world first for the UK when it was set up, is expected to bring in more than £4bn for the Treasury when it is privatized, probably by the end of this year.
Announcing the sell-off at the lord mayor’s dinner in Mansion House, London, on Wednesday night, the business secretary said a special share structure would ensure the company’s green mission continued.
“The Green Investment Bank was a world first, and it is a sign of its success that the idea is being copied across the world. Having proven the business model works, we now want to make an even greater impact,” Sajid Javid said.
Shaun Kingsbury, the GIB’s chief executive, said he had received expressions of interest from private equity investors, sovereign wealth funds and large foreign investment banks.
The government plans to sell between 75% and 100% sale of the GIB , which was set up in 2012 to provide lending to green projects that would otherwise find it hard to secure finance. Since then it has invested in 66 infrastructure projects and seven funds.
The GIB says it has directly committed £2.6bn to the UK’s green economy as part of wider transactions worth £10.6bn. Among the projects it has invested in are the Galloper wind farm off the coast of Suffolk, the Wick district heating network in the north of Scotland plus an energy from waste plant in Belfast.
The bank, which has 129 staff at its Edinburgh and London offices, said was producing an expected internal rate of return of more than 10%. “The business has strong and stable projected cash flow generation and costs are below or in line with industry benchmarks for a business of this kind.”
http://www.theguardian.com/business/2016/mar/02/green-investment-bank-foreign-buyers-energy