UK green bank bidder launches legal action over sale

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UK green bank bidder launches legal action over sale

Image: Shutterstock/ELNImage: Shutterstock/ELN

A bidder for the UK’s green bank has launched a legal challenge to the government’s decision to provisionally award the deal to Australian investment bank Macquarie.

Sustainable Development Capital (SDCL) alleges Macquarie’s preferred bidder status for the Green Investment Bank (GIB) “was not compliant” with the criteria set out by the government.

SDCL states: “The fact that no deal was completed within the targeted timetable attests to the fact that the preferred bid was neither deliverable within the timeframe nor acceptable.

“SDCL has raised its concerns with the parties responsible for the process in the government since the final phase of the auction in September 2016. In the absence of a constructive dialogue, we have no alternative but to seek redress through the judicial review process.”

The GIB was set up in 2012 to encourage public and private sector investment into green projects. However it has been suggested Macquarie plans to sell some of the assets when the deal is complete.

Caroline Lucas, Co-leader of the Green Party and one of several MPs to raise concerns over the deal said: “The depth of government ineptitude on the Green Investment Bank sell-off is becoming clearer by the day. Therefore news of a judicial review comes as no surprise.

“With the deal now a knife edge and treasury hawks looking to make quick profit, let’s hope this challenge forces ministers to think again.”

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