Macquarie’s Green Investment Group is set to take a 40% stake Scottish Power’s East Anglia ONE offshore wind farm.
GIG has secured debt financing from the market to assist in funding its investment. GIG said the acquisition means it and Macquarie have a stake in 5.7GW of offshore wind in 14 projects. GIGsays it is taking a ‘pioneering’ role in emerging offshore wind markets including Taiwan, Korea, and Japan.
East Anglia ONE is a 714MW development located 43km off the Suffolk coast. It will comprise 102 Siemens Gamesa 7MW wind turbines.
ScottishPower Renewables, owned by Iberdrola, has been developing the project for over 10 years. The project won a Contract for Difference in 2015, construction started in 2017 and the project’s first turbine was successfully installed in June 2019. Full commercial operations are expected to commence in summer 2020.
The company says over 50% of all project investment will be spent in the UK. All 306 glass fibre turbine blades are being manufactured in Hull, while a number of the 90m towers are being produced by CSWind UK in Machrihanish, Scotland.