Macquarie has been a long-standing participant in this sector and has supported over half of the 10.4 GW of UK offshore wind capacity currently in operation. Building on this success, the UK Government has set a target to deploy 40 GW of offshore wind by 2030 – which the government believes could produce more than enough power to the equivalent of every single home in the UK2.
A team from Macquarie Asset Management's (MAM) specialist Green Investment team partnered with TotalEnergies renewable energy business in a 50-50 arrangement to bid into the process. This partnership is built on an existing relationship with GIG and TotalEnergies in South Korea where they are co-developing a major portfolio of floating offshore wind projects.
Both GIG and TotalEnergies are global renewable energy developers and investors and were able to bring significant expertise and technical capability to fully assess the potential bid zones and agree a bidding strategy for the auction round.