Two offers to buy the Green Investment Bank (GIB) were both below the government’s minimum acceptable valuation, according to the National Audit Office (NAO).

Macquarie, the winning bidder, raised its offer during the process, but at the same time it benefitted from lower uncertainty and risk as construction risk profiles changed and power prices increased. Macquarie’s commitment to GIB’s green objectives and green principles are not legally binding and apply for three years.