Scotland’s Cabinet Secretary for Economy, Jobs and Fair Work, Keith Brown, has received assurances from the UK government that the strategic importance of the Green Investment Bank (GIB) to Scotland will be fully considered as part of ongoing discussions around its privatisation.
“The Green Investment Bank plays a unique strategic role in funding innovative and higher risk low carbon projects in Scotland and the rest of the UK. It is my view that the sell-off of this key organisation will seriously threaten our green economy, which plays such an important role for Scotland,” Brown said.
During the conversation with the UK government’s Minister of State for Climate Change and Industry, Nick Hurd, Brown pressed for greater transparency around the privatisation process and confirmation that the bank will continue to be headquartered in Edinburgh.
Minister Brown has acknowledged the strategic importance of the GIB for Scotland and accepted the need to improve communications between the UK and Scottish Governments around the sale, Brown said.
Back in December 2016, Brown wrote to the UK government to discuss concerns over the progress of the bank’s privatisation process.
In his letter, Brown expressed concerns over reports that the completion of the transaction process will result in the complete break-up of the bank’s current portfolio, and may result in an asset stripping exercise with significant financial rewards for any new owner, which according to reports is most likely to be Australia’s Macquarie Bank.
Last week, the GIB Offshore Wind Fund has passed its initial GBP 1 billion investment target with its sixth UK asset acquisition , a 44% stake in the 270MW Lincs offshore wind farm.