Macquarie Group subsidiary the Green Investment Group will expand its European clean energy portfolio after securing a deal with Vestas for the supply 80MW of new wind turbines, which are destined to be installed at a project in Norway.
The Green Investment Group will receive 19 of Vesta’s 4.2MW wind turbine model, which features the company’s largest rotors with 73.7 metre long blades, and will be optimised for the cold Norwegian climate.
Australian-based Macquarie Group acquired the Green Investment Group from the UK government in 2017 in a deal worth £2.3 billion (A$4.2 Billion), and is one of Europe’s largest dedicated funds targeting green investments.
Last year, Macquarie announced that it had set itself a target of investing in up to 20GW of new generation capacity around the world over the next five years, representing a significant ramp-up for the company’s green investment activities.
The latest agreement represents the first between Vestas and the Macquarie Group, with the Danish company saying that it was confident of supplying turbines that will last through harsh conditions in frosty Norway.
The turbines will be paired with an “anti-icing” system developed by Vestas, which will minimise ice formation on the blades of the wind turbines.
“We are very pleased with our first collaboration with Green Investment Group Limited in the Nordics, which demonstrates once again Vestas‘ ability to offer wind energy solutions and services that optimise the cost of energy in a demanding climatic environment, while at the same time create maximum value for our valued customer”, vice president sales North & West, Vestas Northern & Central Europe Christer Baden Hansen said.
Vestas will supply, install and commission the turbines for the Green Investment Group, as well as providing at least 25-years of operation and maintenance support for the project.
“We are excited to engage in a long-term partnership with Green Investment Group Limited for this project in the Nordic markets, demonstrating our strong experience and track record operating in a merchant environment, while driving local job creation and the electrification of the Norwegian industry”.
The Green Investment Group has secured a power purchase agreement for the electricity produced by the Norwegian wind farm and will supply power to the local industry.
In January, The Green Investment Group secured an offtake agreement with Norwegian industrial firm Eramet Norway to supply power from two wind farms to the company’s smelters which supply manganese alloys used in steel production.
The turbines are expected to begin delivery in the second quarter of 2021, with the turbines being commissioned by the end of the year and will support the creation of around 80 to 100 jobs during the construction phase.
Earlier in the week, Vestas was forced to halt production at two facilities located in Spain as a result of the Covid-19 outbreak, as the Spanish government introduced strict new measures to limit people movement and the spread of the virus.
The company continues to operate European factories in both Denmark and Germany.
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