Macquarie GIG Partners With RIDG to Compete Scottish Offshore Leasing Round

Macquarie’s GIG and RIDG have partnered to compete in the next round of seabed leasing for offshore wind development off the Scottish coast

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.

A leading global investor and developer of green infrastructure assets, GIG claims to be on a mission to accelerate the green transition. It has supported 16 offshore wind projects representing over 4.5 GW of operating capacity to date. Most recently, GIG acquired a 40 percent stake in the 102 turbines East Anglia ONE (EA1) offshore wind project, which has committed around GBP 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.

Ed Northam, Head of GIG Europe, said GIG is proud of its Scottish heritage and that he’s delighted that RIDG and GIG are working from their 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 that firm is delighted to be partnering with GIG on ScotWind. Adding that 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.”