Possible float of Green Investment Bank in place of sale

The UK government is to ditch plans to sell the Edinburgh-based Green Investment Bank (GIB) in favour of a £3.8 billion flotation, according to a newspaper report yesterday.

The Edinburgh-based Green Investment Bank is chaired by Lord Smith of Kelvin. Picture: Craig Borland

The report, in the Sunday Times, came after calls from politicians north and south of the Border to halt the acquisition of the renewables-focused lender by Australian investment firm Macquarie, chosen in October as preferred bidder, with concerns including asset-stripping.

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Green Investment Bank sell-off launched by UK government

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Additionally, MSP Alison Johnstone said last week that in the ­current ­circumstances “it would be foolish for the GIB to be purged of its successful ­ventures in financing key environmental projects throughout Scotland and the UK”.

A separate report has cited a Whitehall official ­saying that while an initial public offering was a possibility, it was not set to take place in the short term.

The GIB was founded in 2012 by the UK government, backed by public funds, and has invested more than £2.7bn in environmental projects.