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Macquire to buy 40% of 714-MW East Anglia One offshore wind project

ScottishPower Renewables celebrates first turbine being installed for East Anglia One windfarm. Image by: ScottishPower Renewables

August 12 (Renewables Now) - Spain's Iberdrola (BME:IBE) today said it has agreed to sell a stake worth GBP 1.63 billion (USD 1.96bn/EUR 1.75bn) in the 714-MW East Anglia One offshore wind project in the UK to a unit of Australia’s Macquarie Group (ASX:MQG).

The deal will see the Australian investment bank’s Green Investment Group (GIG) subsidiary take a 40% stake in what will become the UK’s largest offshore wind farm, while Iberdrola will keep a 60% majority shareholding. The Spanish utility is building the huge wind park off the Suffolk coast in the British North Sea through its unit ScottishPower Renewables.

Once up and running, East Anglia One will be able to generate electricity for over 600,000 homes annually. Its construction is currently ongoing and the first of its 102 Siemens Gamesa turbines was successfully installed in June.

The transaction values East Anglia One at GBP 4.1 billion, Iberdrola said. The energy group plans to use funds from the sale, which it will get once the plant is switched on in 2020, for organic growth initiatives under its 2018-2022 strategic plan. In order to be completed, however, the deal will need to be authorised by the British Crown Estate.

Last week, Macquarie Infrastructure and Real Assets (MIRA), also part of Macquarie Group, agreed to acquire Ocean Breeze Energy, the company behind the 400-MW Bard Offshore 1 wind farm in the German part of the North Sea.

(GBP 1.0 = USD 1.206/EUR 1.078)

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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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