Onshore renewables

Green Investment Group acquires Norwegian onshore wind development project

26 Aug 2019


  • Macquarie’s Green Investment Group (GIG) acquires the Tysvær Wind Farm in Norway
  • Tysvær is GIG’s first development in Norway, further expanding GIG’s growing presence in the Nordic region
  • The 47 MW project is being developed directly by GIG and is expected to start construction in early 2020.

Macquarie’s Green Investment Group announces the acquisition of the Tysvær Wind Farm from Spanish Power. The 47 MW onshore wind development is located in the Tysvær municipality, within Rogaland Fylke, southern Norway. The project is GIG’s first in Norway and further expands GIG’s presence in the Nordic region following its acquisitions of Markbygden, Overturingen and Hornamossen onshore wind farms in Sweden.

Tysvær is one of a growing number of renewable energy projects being developed in-house by GIG. The project is in the final stages of planning and is currently under consideration by the Norwegian Water Resources and Energy Directorate (the NVE). Outline planning consent was received in July 2018, and amended layouts are expected to be finalised in October 2019.

The proposed development will consist of 11 Siemens Gamesa 4.3 MW turbines. GIG is using a number of Norwegian supply chain companies to deliver this important project, bringing new investment into the region and supporting high-value jobs throughout the project’s construction and operations. Nordisk Vindkraft will act as construction manager and RISA AS will be responsible for building the roads, turbine foundations and installing the electric cables.

When fully operational, the wind farm will produce enough low-carbon electricity to power the equivalent of 8,750 Norwegian homes every year. Annually, it will displace an estimated 8,000 tonnes CO2e emissions - the equivalent of removing 2,500 cars from the road - supporting Norway in its goal of becoming a ‘low carbon society’ by 2050 and achieving ‘emissions neutrality’ by 2030.

Edward Northam, Head of Green Investment Group Europe, said:

Norway is blessed with some of the best renewable resources in Europe which have already enabled the country to deliver a virtually zero-carbon electricity system. But the ambition doesn’t end there. Norway’s goal of achieving emissions neutrality is one of the most impressive low-carbon visions anywhere in the world and I’m delighted that GIG is able to help drive Norway’s green shift.

For more information, please see Tysvær Wind Farm.

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About Green Investment Group and Macquarie Group

Green Investment Group Limited (GIG) is a specialist in green infrastructure principal investment, 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.

The business was launched initially by the UK Government in 2012 as the first institution of its type in the world. The organisation was acquired by the Macquarie Group in 2017, creating one of Europe’s largest teams of dedicated green infrastructure investors, and now operates under the name Green Investment Group.

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 15,715 people in 30 markets. At 31 March
2019, Macquarie had assets under management of £305.8 billion.

For more information, visit www.greeninvestmentgroup.com and www.macquarie.com.