Macquarie teams up with renewable investor for ScotWind leasing round

A pedestrian walks past the logo of Australia’s biggest investment bank Macquarie Group Ltd which adorns a wall on the outside of their Sydney office headquarters in central Sydney, Australia, July 18, 2017. . REUTERS/David Gray

LONDON (Reuters) – Macquarie’s (MQG.AX) Green Investment Group, a green infrastructure investor, has teamed up with a Scottish offshore wind developer to compete for offshore wind projects in Scotland, it said in a statement late on Thursday.

Earlier this week, Crown Estate Scotland launched ScotWind, the first round of leasing in a decade for offshore wind development to help the country meet its net zero transmission targets.

Mike Hay, Commercial Director at the Scottish offshore wind developer, known as Renewable Infrastructure Development Group, said the partnership would be “bringing new ways of structuring and developing projects, which boosts competition, drives innovation and unlocks new sources of investment.”

Crown Estate Scotland, which acts as manager of the seabed around Scotland, estimates that projects within the leasing round could deliver green electricity to power every Scottish household, with more than 6 million tonnes of CO2 saved per year.

ScotWind is expected to increase the amount of power generated from offshore renewables, a major step toward meeting the Scottish government’s target of net zero emissions by 2045.

Reporting by Ekaterina Kravtsova. Editing by Jane Merriman

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