Edinburgh: 11 May 2020
- Green Investment Group and Renewable Infrastructure Development Group announce partnership to bid in the Crown Estate Scotland’s ScotWind leasing round, due to launch imminently.
From their Edinburgh base, Macquarie’s Green Investment Group (GIG) and Scottish offshore wind developer Renewable Infrastructure Development Group (RIDG) have announced their partnership to compete in ScotWind, the next round of seabed leasing for offshore wind development off the Scottish coast, which is due to be launched by Crown Estate Scotland shortly.
GIG is a leading global investor and developer of green infrastructure assets with a mission to accelerate the green transition. GIG has supported 16 offshore wind projects representing over 4.5 GW of operating capacity to date. Most recently, GIG acquired a 40 per cent stake in the 102 turbine East Anglia ONE (EA1) offshore wind project, which has committed around £70million to suppliers across the East of England, delivering jobs and investment to local communities.
Across the UK, GIG has supported over 110 green energy projects, including 19 projects in Scotland: producing renewable electricity and heat, improving energy efficiency, increasing recycling and avoiding waste being sent to landfill. Elsewhere, GIG is developing up to 1.5 GW of floating offshore wind at Ulsan, South Korea, whilst in Taiwan, GIG is developing and constructing 2.4 GW of offshore wind across the Formosa 1, 2 and 3 projects.
Established three years ago, RIDG has entered the offshore wind market specifically to identify and develop large-scale projects that will create significant opportunities for the Scottish supply chain and the economy. The founding RIDG management team, who bring together over 40 years of offshore wind project, technical and industrial development experience, have designed RIDG to deliver a simpler, leaner and more flexible approach to project development. In January RIDG announced its intention to enter the ScotWind process and to work collaboratively with the Scottish supply chain through the deployment of its alignment model.
Ed Northam, Head of GIG Europe, said: “GIG is proud of its Scottish heritage and I’m delighted that RIDG and GIG are working from our home in Edinburgh to unlock Scotland’s fantastic offshore wind resource.
“By partnering right at the genesis of development, we’re making our earliest commitment in UK offshore wind so far. Our flexible approach to investment is perfectly complemented by our partnership with RIDG, who bring with them a fantastic team to supplement our own development expertise.”
Mike Hay, Commercial Director at RIDG, said: “We’re delighted to be partnering with GIG on ScotWind. RIDG’s local development experience perfectly complements GIG’s global reach and ambition. This partnership is already proving to be a fast, flexible and responsive approach to development that will be vital if Scotland is to unlock its industrial potential.
Together, we are answering the Scottish Government’s call for new companies to enter the offshore wind market – bringing new ways of structuring and developing projects, which boosts competition, drives innovation and unlocks new sources of investment.”
Green Investment Group
+44 739 376 0820
About Green Investment Group and Macquarie Group
Macquarie’s Green Investment Group (GIG) is a specialist in green infrastructure principal investment, development, project delivery, and the management of portfolio assets, and related services. Its track record, expertise and capability make it a global leader in green investment, dedicated to supporting the growth of the global green economy.
Across the globe, GIG has supported 16 offshore wind projects, representing over 4.5 GW of operating capacity. Over past year, the business has financed wind farms in Poland, Norway and Sweden – and is developing a 25 GW+ pipeline of new green projects across the world.
The institution was initially launched by the UK Government in 2012 as the Green Investment Bank (GIB) – the first institution of its type in the world. It was purchased by Macquarie in 2017 and combined with Macquarie Capital’s renewables team to create one of the world’s largest teams of specialist green investors. Now operating as Macquarie’s Green Investment Group, the platform has more than 400 staff working in over 15 countries across Europe, North America, Asia and Australia, combining international best practice from across Macquarie’s activities.
Macquarie Group Limited (Macquarie) is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs over 15,700 people globally. At 30 September 2019, Macquarie had assets under management of $A562.0 billion.
RIDG – Renewable Infrastructure Development Group – was established in 2017 as an independent, specialised offshore wind project development company with the knowledge and experience to identify, design and deliver high quality consented assets for strategic partners to build and operate.
RIDG presents a simpler, leaner and more flexible approach to project development, one that draws upon the strengths of both established and emerging suppliers to deliver projects safely, efficiently and cost effectively.
For more information, visit www.ridgpower.com
Tim is an original member and founder of World Of Renewables. Since 2005, he has steered WoR to an industry leader within the field of renewable energy news reporting. Tim is now Vice-Chairman of WOREA and played a major role in the merger with WREA.