United Kingdom

United Kingdom

GIG acquires East Anglia One share

The Green Investment Group (GIG) has bought a 40% stake in ScottishPower Renewable's 714MW East Anglia One offshore wind project under construction off the UK's North Sea coast.

The first turbine was installed at East Anglia One in June 2019 (pic: ScottishPower Renewables)
The first turbine was installed at East Anglia One in June 2019 (pic: ScottishPower Renewables)

ScottishPower Renewable's parent, Spanish utility Iberdrola, will receive £1.63 billion (€1.75 billion) for the sale and retain a 60% stake in the contracts for difference-backed project. 

The transaction therefore values the project at £4.1 billion (€4.4 billion), Iberdrola said. 

GIG — part of Australian investor Macquarie — said following this transaction, it will have supported over 5.7GW of offshore wind in the UK.

The site is currently under construction 42km off England's east coast, with the first turbine installed in June 2019. When completed in 2020, it will comprise 102 Siemens Gamesa 7MW turbines, with 154-metre rotors. 

East Anglia One was one of two offshore wind projects to win a government support contract in the 2015 CfD auction. It secured a strike price of £119.89/MWh for the 15-year contract. 

The deal is Macquarie's second offshore wind investment this month, after acquiring the Bard Offshore 1 project in the German North Sea in early August. 

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Latest Offshore Wind Jobs