Macquarie’s GIG closes buy of 80-MW Norwegian wind project from RES

Wind farm in Norway. Author: John Christian Fjellestad. License: Creative Commons, Attribution 2.0 Generic

April 1 (Renewables Now) - Green Investment Group Ltd (GIG), owned by Macquarie Group Ltd (ASX:MQG), said today it has finalised the acquisition of the 79.8-MW Buheii onshore wind park in Norway from UK-based RES Group.

The power plant that will be constructed in Kvinesdal municipality’s Agder county is one of two wind parks that will be supplying power to the Norwegian smelters of French industrial group Eramet through 2038. GIG and Eramet Norway in January signed long-term power purchase agreements (PPAs) for electricity coming from the Buheii and Tysvaer projects. The latter is already owned by GIG and is under development, as well.

The Buheii Wind Farm is GIG's first project in Norway that reaches financial close, the company said. It has already contracted Norwegian construction group Risa AS to perform all groundwork activities related to the scheme, with works expected to begin in the coming weeks and take about a year. The 19-turbine wind park will be equipped with V150 turbines by Denmark’s Vestas Wind Systems (CPH:VWS) that are expected to generate enough electricity to offset 15,000 tonnes of carbon dioxide (CO2) emissions annually.

The Buheii plant's PPA with Eramet Norway is for 17 years.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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