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GIG & Marubeni Complete Transfer of Interest in Westermost Rough Offshore Wind Farm

Source: 3/27/2018, Location: Europe

Green Investment Group Limited (GIG), the specialist green energy principal investment business of Macquarie Group Limited (Macquarie), has acquired a 25 per cent interest in Westermost Rough offshore wind farm from Marubeni Corporation (Marubeni).

Green Investment Group is a member of a consortium with Macquarie European Infrastructure Fund 5 (MEIF5) and the Universities Superannuation Scheme (USS) that already owns a 25 per cent stake in Westermost Rough.

?rsetd also owns a 50 per cent interest in the project. Located 8km off the Holderness coast in the United Kingdom, the 210 MW wind farm comprises 35 Siemens Gamesa Renewable Energy 6 MW direct-drive turbines and has been in commercial operation since June 2015. Westermost Rough represented the first commercial deployment of the 6 MW turbine anywhere in the world and was GIG’s and Marubeni’s first investment in a UK offshore wind project at the construction stage.

Edward Northam, Head of GIG in Europe, said: “Westermost Rough is a landmark project in the evolution of the offshore wind industry, both in the UK and internationally. The technical and financial innovations deployed during the development, construction and operation of the wind farm have helped improved 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. “Alongside ?rsted, Marubeni has been an excellent partner on the project, which owes much to the company’s pioneering and collaborative spirit.

Marubeni has played a crucial role in supporting the growth of the UK and global green economies and we look forward to exploring further opportunities to cooperate in future.” Marubeni Corporation said: “Marubeni is committed to actively support the global energy transition to renewable energy with the aim to increase renewable energy capacity in our portfolio to 20 per cent, doubling the past target.

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. “GIG is a leading player in the offshore wind sector and has been an important partner for us. We look forward to exploring further collaborations opportunities with them in future.” Together, GIG and Macquarie have invested in almost half of the UK’s offshore wind capacity.

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