March 27, 2018 / 9:46 AM / a month ago

Macquarie Group unit buys stake in UK's Westermost Rough wind farm

OSLO (Reuters) - Britain’s Green Investment Group (GIG), a Macquarie Group (MQG.AX) unit, said on Tuesday it acquired a 25-percent interest in the Westermost Rough offshore wind farm from Marubeni Corporation (8002.T).

GIG, part of a consortium that already owns a 25 percent stake in Westermost Rough, did not disclose the value of the deal.

Denmark’s Oersted (ORSTED.CO) also owns a 50-percent interest in the 210 megawatt(MW) project, situated off the north-east coast of England.

“The (project’s) technical and financial innovations... helped improve performance levels and reduce the wind power generation cost, making it significantly more competitive,” GIG’s Europe head Edward Northam said in a statement.

Japanese firm Marubeni said after selling its stake in the wind farm it wants to increase its renewable energy capacity by 20 percent, doubling its past target.

Westermost Rough, the first commercial wind farm to be equipped with Siemens Gamesa Renewable Energy (SGREN.MC) 6 MW direct-drive turbines, has been operating since June 2015.

    Reporting by Lefteris Karagiannopoulos; Editing by Alexandra Hudson

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