Green Investment Group to buy a 40% in East Anglia ONE offshore windfarm. Credit: Sweet Ice Cream Photography on Unsplash.

Macquarie Green Investment Group (GIG), the renewable energy investment arm of Australian group Macquarie, has agreed to purchase a 40% stake in the East Anglia ONE windfarm for just over £1.6bn.

East Anglia ONE is currently owned by Scottish Renewables, a subsidiary of Spanish company Iberdrola, which owns the remaining 60%.

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The deal between GIG and ScottishPower Renewables in the UK is the first and takes the number of GIG’s UK investments in offshore wind projects to 14, with a total combined capacity of 5.7GW.

GIG said 50% of its investment would be used in the UK, with the glass-fibre turbine blades for the development being manufactured in Hull and the towers in Machrihanish, Scotland.

As a result of this deal Iberdrola’s share price has risen by 0.11% to EUR8.906 a share whilst Macquarie Group’s price fell on the Australian market fell by 1.28% to AUS120.80 a share.

East Anglia One reaction

Green Investment Group Europe head Edward Northam said: “East Anglia ONE is a world-class development delivering a huge range of benefits to communities across the UK, and I’m delighted that GIG is partnering with ScottishPower Renewables and the Iberdrola group on the project.

“The UK continues to be a world leader in offshore wind, and I’m incredibly proud of the pioneering role GIG has played in the creation of 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.”

GlobalData director Harminder Singh added: “The announcement of the partnership between the Green Investment Group and Scottish Power Renewables is another positive step towards the growth of offshore wind capacity in the UK.

“The investment will accelerate the development of the EA1 project, which Iberdrola has been developing for over 10 years.

“The offshore wind capacity of the UK stood at over 8.3 GW in 2018 is expected to grow to over 14.7 GW by 2023. The government’s focus on this sector makes the UK as one of the most attractive markets for offshore wind. This explains the GIG’s interest in investing in the sector in the country.”

East Anglia One

East Anglia One windfarm is a 714MW project located 43km off the Suffolk coast in the UK. Construction on the project began in 2017 and will be completed by 2020.

The windfarm is comprised of 102 wind turbines from Siemens Gamesa Renewable Energy and will be able to power 600,000 homes in the UK.