Haven Power

Former ministers warn against GIB sale

Former ministers warn against GIB sale


The prospective buyers of the Green Investment Bank (GIB) could be set for a major windfall at taxpayers’ expense, the government has been warned. In a letter to business and energy secretary Greg Clark, Vince Cable and Lord Barker noted that a number of the GIB’s assets were not yet operational, and that once these assets had been constructed they would be worth significantly more than at present. They said: “While it is not possible to calculate the exact amount without detailed information on two of the offshore wind assets currently under construction, it is clear that this could amount to a windfall of hundreds of millions of pounds to Macquarie, at the expense of the taxpayer.”

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