EU approves the sale of GIB Offshore Wind Portfolio to Macquarie
The European Commission has given green light to the sale of the UK Green Investment Bank’s (GIB) offshore wind farm portfolio to Macquarie Group and Universities Superannuation Scheme (USS).
According to sources, the European Commission concluded that the proposed transaction would raise no competition concerns as there are very minor overlaps between the companies’ activities.
The GIB’s offshore wind portfolio includes stakes in the 90MW Rhyl Flats OWF, the 210MW Westermost Rough, the 270MW Lincs, the 300MW Galloper, the 317MW Sheringham Shoal, the 367MW Walney, the 400MW Rampion, the 576MW Gwynt y Mor, and the 630MW London Array.
As we reported in late April, A Macquarie-led consortium, comprising Macquarie Group Limited, Macquarie European Infrastructure Fund 5 (MEIF5) and Universities Superannuation Scheme (USS), agreed to acquire GIB from the UK govenment for £2.4 billion (US$3.1 billion). Upon transaction completion, the Green Investment Bank will manage or supervise over £4 billion (US$5.1 billion) of green infrastructure assets and projects.
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