Macquarie’s Green Investment Group has agreed to acquire a 40% stake in ScottishPower Renewables’ East Anglia One offshore windfarm
The deal is the first between Green Investment Group (GIG) and UK-based ScottishPower Renewables, which is owned by Iberdrola. GIG has secured debt financing from the market to assist in funding its investment.
The acquisition brings the total capacity of UK offshore wind supported by GIG to more than 5.7 GW and 14 projects, equivalent to almost 50% of the total UK offshore wind capacity in operation or under construction.
GIG head of Europe Edward Northam said, “East Anglia One is a world-class development delivering a huge range of benefits to communities across the UK. The UK continues to be a world leader in offshore wind, and I am proud of the pioneering role GIG has played in creating that market.
“The need to accelerate our transition to a greener economy has never been greater. We’re committed to driving the UK’s energy transition, establishing offshore wind as the backbone of the UK’s new low-carbon energy system.”
East Anglia One is located 43 km off the east coast of the UK and will use 102 Siemens Gamesa 7-MW wind turbines.
ScottishPower Renewables has been developing East Anglia One for more than a decade. In 2015, the project was awarded a contract for difference by the UK Government. Construction started in 2017 and the first turbine was successfully installed in June 2019. Full commercial operation is expected mid-2020. The turbine blades are being manufactured by Siemens Gamesa at its factory in Hull and the towers for the project are being produced by CSWind UK in Scotland.