Green Investment Bank sold too cheaply, watchdog says

National Audit Office report puts Macquarie deal at low end of valuation with extra tens of millions lost from rejection of phased sale option

Ministers missed out on tens of millions extra on the sale of the Green Investment Bank (GIB) in August, according to the spending watchdog.

The National Audit Office said the £1.6bn paid in cash by the Australian bank Macquarie came in at the low end of the government’s valuation. Macquarie agreed to spend a further £500m to cover the bank’s existing commitments.

Related: Government faces fresh criticism over Green Investment Bank sell-off

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