GIG purchases minority stake in EA1

Macquarie’s Green Investment Group (GIG) is expanding its reach in the UK’s wind energy production market with the purchase of a 40 per cent share in the East Anglia ONE (EA1) offshore wind farm from ScottishPower Renewables. The acquisition places EA1 on the GIG’s roster of 14 UK offshore wind projects, making up almost 50 per cent of the UK’s total offshore wind energy capacity. EA1 is still under construction off the coast of Suffolk, but is expected to have a capacity of 714MW and generate enough renewable electricity to power over 600,000 homes per year upon completion.

Iberdola, parent company of ScottishPower, will retain a 60 per cent stake in the project that it has been developing for over 10 years. Iberdola has said that proceeds from the sale will be used for further offshore wind projects in the North Sea, the Baltic Sea and the US.

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