Macquarie’s Green Investment Group (GIG) has acquired a 25% stake in the 210MW Westermost Rough offshore wind farm off the UK’s east coast from Marubeni Corp for an undisclosed amount.
The latest acquisition is in addition to a 25% interest GIG, which was formerly known as the Green Investment Bank, already holds in the wind farm as of part of a consortium with Macquarie European Infrastructure Fund 5 and the Universities Superannuation Scheme.
Danish outfit Orsted owns the remaining 50% in the project, which comprises 35 Siemens Gamesa 6MW turbines and has been operational since June 2015.
Renewables consultancy K2 Management provided technical due diligence to GIG on the acquisition.
The work included reviewing financial model assumptions and value drivers for the project, O&M arrangements and operations reports.
GIG Europe head Edward Northam described Westermost Rough as a landmark project in the development of offshore wind in the UK and Europe.
“The technical and financial innovations deployed during the development, construction and operation of the wind farm have helped improve performance levels and reduce the cost of wind power generation, making it significantly more cost competitive. We are extremely proud of this pioneering green investment,” he said.
Marubeni said it remains committed to supporting the global energy transition to renewable energy and aims to increase clean power capacity in its portfolio to 20%.
“In order to achieve that ambition, Marubeni is keen to deploy the skills and knowledge we gained from our investments in offshore wind farms, including Westermost Rough,” it said.
Image: Westermost Rough (Orsted)
Marubeni sells Westermost stake
By EBS