Macquarie, USS win EC nod to buy GIB's UK offshore wind portfolio
Gwynt y Mor offshore wind farm. Source: Siemens AG. www.siemens.com/press
Macquarie Group Ltd (ASX:MQG) and Universities Superannuation Scheme (USS) have won clearance from the European Commission (EC) to acquire an offshore wind portfolio from the UK Green Investment Bank Plc (GIB).
The transaction concerns nine wind farms that are located off the coast of England and Wales.
The Commission said it has examined the transaction under the simplified merger review procedure and concluded that it would not raise competition concerns due to the very minor overlaps between the companies' activities.
Last month, a consortium led by Macquarie formally agreed to buy the GIB for GBP 2.3 billion (USD 2.99bn/EUR 2.67bn). Under the terms of the agreement, Macquarie European Infrastructure Fund 5 (MEIF5) and USS would invest in a new vehicle that will hold some of GIB’s existing offshore wind assets. GIB will manage this offshore wind investment vehicle and hold a 25% stake in it.
On its website, GIB lists the following offshore wind farms: Lincs (270 MW), Galloper (336 MW), Rampion (400 MW), Sheringham Shoal (317 MW), Westermost Rough (210 MW), Gwynt y Mor (576 MW), London Array (630 MW), Walney (367 MW) and Rhyl Flats (90 MW).