UK bidder urges government to keep Green Investment Bank in British hands as it faces battle with Australia’s Macquarie
A UK investment banking group is hoping to convince the government that the Green Investment Bank (GIB) should remain in British hands as the bidding process moves into a two-horse race.
Sustainable Development Capital (SDC) is understood to be in competition with Australian bank Macquarie as the government prepares to privatise the £4bn-valued GIB.
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Former business secretary Sajid Javid launched the sale process of GIB, which was founded in 2012 to invest in green projects, in March this year.
SDC, which is heading up a consortium that also involves the Pension Protection Fund, is understood to be emphasising its British-ness as it hopes to persuade the government that it is the suitable candidate.
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The SDC will also highlight its track record and interest in sustainability.
The Sunday Times has reported that Macquarie is set to table a final round offer for GIB on Monday.
Macquarie and the SDC have declined to comment.