Macquarie reveals £3bn of UK financing via GIG

Macquarie has confirmed that it has met its agreement with the Government and financed £3bn of green projects. In 2012 the government created the Green Investment Bank to encourage private capital into green projects. Acquired by Australian bank Macquarie in 2017 and renamed the Green Investment Group (GIG) part of the deal was to meet these green finance targets.

According to the Financial Times Macquarie has written to Kwasi Kwarteng, the UK Minister for energy, stating that it has agreed £4.7bn in financing in the UK and Europe, and £6.9bn worldwide, with £3.1bn of this financing is in the UK.

Projects included an agreement to install and operate solar PV systems at several Tesco retail sites (pictured) and a thermal treatment centre in the east Midlands to turn non-recyclable waste into low carbon energy.

In its recent Progress Report, Dan Wong, co-head of Macquarie Capital and chair of GIG stated that the Group had met or exceeded all its commitments it made when it acquired the UK Green Investment Bank in 2017, saying “We have grown the business globally and built new capabilities to further its founding mission. That mission ensures that GIG is, and will always be, a business focused on delivering the net zero economy, and fully aligned to the Paris Agreement.”

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