05 October 2021
Green Investment Group Limited is Macquarie Group’s primary vehicle for principal investment in green energy projects and platforms.
Green Investment Group Limited is owned by the UK Green Investment Bank Limited, which is indirectly owned by Macquarie Group Limited. The Articles of Association of UK Green Investment Bank Limited contain the Green Objective, which lists our five Green Purposes. These Green Purposes can be altered only with the consent of the holder of the ‘special share’ in UK Green Investment Bank Limited. No proposal has been made to amend the Green Purposes since the business was acquired by Macquarie Group in 2017. Updated definitions of the five Green Purposes have been agreed and can be found in our Green Investment Principles or Green Investment Policy.
In the UK and Europe, new investments made under the GIG name are made by Green Investment Group Limited or its affiliates. In the rest of the world, investments may be made by other Macquarie Group entities using the GIG name and brand for trading and marketing purposes. This is permitted only on the basis that any activities under the GIG brandmark be compliant with the Green Objective and any investments comply with GIG's Green Investment Principles and Green Investment Policy.
The Green Purposes Company (GPC) holds the ‘special share’ in UK Green Investment Bank Limited. The GPC is a company limited by guarantee, owned and operated by trustees who are independent of GIG and Macquarie Group. The primary role of the trustees is to approve or reject any changes proposed to GIG’s Green Purposes as they apply in the UK and Europe. The Trustees were appointed on 31 October 2016 for an initial term of five years commencing August 2017. In performing its role, the GPC is committed to public accountability, transparency and competency, and to contributing positively to the future development of GIG.
GIG maintains a strong and constructive working relationship with the GPC trustees.
While we continued to work remotely throughout the reporting period due to the COVID-19 pandemic, GIG’s senior leadership continued to meet the GPC virtually on a quarterly basis to discuss our projects, evolving business strategy, and green impact; and we hosted a virtual ‘site visit’ for the trustees to meet Cero partners Enso Energy and discuss their approach to solar development in the UK.
The trustees also continue to receive information relating to the green impact of all new GIG transactions as they happen.
The GPC has provided input to this report, through the provision of a letter which comments on our performance against our five Green Purposes. Read this letter in the GPC: Annual letter section of this report.