Australia’s Macquarie Group has completed its acquisition of the UK’s Green Investment Bank for £2.3bn.
It has also changed the company’s name to Green Investment Group, which will be led by Edward Northam, most recently GIB’s head of investment banking.
Former chief executive Shaun Kingsbury will now step down and will not join Macquarie.
Macquarie reiterated that the group will attempt to lead £3bn of investment in green energy projects over the next three years and said it will adopt the Green Investment Bank as its primary vehicle for principal investment in green projects in the UK and Europe.
The GIG team will continue to be based in Edinburgh and London, it added.
“This new chapter provides the best of both worlds: a deep sector specialism coupled with access to a global platform and deep pools of capital,” said Northam.
“We have ambitious plans for the growth of the Green Investment Group, starting with a continuation of our role as a leading investor in the UK and building on that through an additional international focus.”
Image: the Rampion offshore wind farm in the UK which is one of the assets now part-owned by GIG (Eon)
