Macquarie Capital partners with RWE, GIB and Siemens in Galloper Offshore Wind Farm
London, 30 Oct 2015
- Second equity investment of the year in European offshore wind
- Bringing total invested in European renewable sector to over €1 billion in past four years
Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group, has become a 25 per cent joint equity partner in the 336MW Galloper Offshore Wind Farm (Galloper) alongside RWE Innogy, the UK Green Investment Bank and Siemens Financial Services.
The partnership will enable the construction of the £1.5 billion renewable energy project off the coast of Suffolk. It is anticipated that 56 six MW wind turbines will generate enough clean energy to power up to 336,000 UK homes and will provide a significant boost to the UK economy with the creation of 800 jobs.
Mark Dooley, Head of Infrastructure, Utilities and Renewables, Macquarie Capital Europe commented: “Macquarie Capital is delighted to partner with RWE Innogy, Siemens and GIB to finance the construction of the Galloper Offshore Wind Farm. With the compelling technical and financial credentials of this partnership, we were able to deploy capital quickly to achieve financial close.
“This is Macquarie Capital’s second European offshore wind investment this year, following our commitment to invest €720 million in Baltic 2 in Germany. It demonstrates our ongoing focus on the European renewable sector and brings the total amount committed to the sector to over €1 billion in the past 4 years.
“Galloper will help to strengthen the UK’s leading global position in the development of offshore wind capacity and will enhance the scale of the sector in the UK. We will continue to evaluate future opportunities in the European energy and infrastructure space as part of our strategy to invest alongside our clients and industry partners”, said Mr Dooley.
Construction of the Galloper Offshore Wind Farm will start in November 2015 with the project scheduled to commence operations March 2018.
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Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie operates in more than 65 office locations in 28 countries and employs more than 14,000 people. Assets under management total approximately £250 billion at 31 March, 2015.
About Macquarie Capital
Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. Macquarie Capital provides strategic M&A and capital raising advice as well as partnering with clients by investing capital into their projects and companies. In Europe, Macquarie Capital has a strong track record in partnering with utilities and developers in building new energy, infrastructure and real estate projects having invested in around 30 projects since 2010.