Renewable energy backer Green Investment Group (GIG) has bought 25% of the Westermost Rough offshore wind farm from Marubeni.
Located 5miles off Yorkshire, the wind farm comprises 35 turbines and has been in operation since June 2015.
GIG is part of a consortium with Macquarie and the Universities Superannuation Scheme (USS) that already owns a 25% stake in Westermost Rough.
Orsted owns 50% of the project.
Westermost Rough was the first commercial deployment of the 6 MW turbine anywhere in the world and was GIG’s and Marubeni’s first investment in a UK offshore wind project at the construction stage.
Edward Northam, head of GIG in Europe, said: “Westermost Rough is a landmark project in the evolution of the offshore wind industry, both in the UK and internationally. The technical and financial innovations deployed during the development, construction and operation of the wind farm have helped improve performance levels and reduce the cost of wind power generation, making it significantly more cost competitive. We are extremely proud of this pioneering green investment.
“Alongside Orsted, Marubeni has been an excellent partner on the project, which owes much to the company’s pioneering and collaborative spirit. Marubeni has played a crucial role in supporting the growth of the UK and global green economies and we look forward to exploring further opportunities to cooperate in future.”
Together, GIG and Macquarie have invested in almost half of the UK’s offshore wind capacity.
GIG was launched initially by the UK Government in 2012 as the first institution of its type in the world. The organisation was acquired by Macquarie Group in 2017, creating one of Europe’s largest teams of dedicated green infrastructure investors.
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