A number of British pension funds are considering making bids for the Green Investment Bank as Chancellor George Osborne prepares to launch a £3bn sale of the state-owned lender.
According to The Sunday Times, the Pensions Infrastructure Platform, Lancashire County Council, Aviva, Legal & General and the Universities Superannuation Scheme have all emerged as potential suitors.
Created to pump money into green energy, the lender has invested in a £240m offshore windfarm in Norfolk and a £35m renewable power facility in Essex. Osborne hopes to pull in at least £3bn for a 75 per cent stake in the bank.
The government recently slashed funding for low-carbon energy schemes raising concerns about its commitment to this sector.
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