• Macquarie’s Green Investment Group (GIG) has acquired the Buheii Wind Farm from leading renewable energy company, RES.
• The 79.8 MW project is the business’ first Norwegian project to reach financial close
• The project will provide Eramet Norway’s Norwegian smelters with predictably priced power through a 17-year power purchase agreement

Macquarie’s Green Investment Group (GIG) has announced financial close on its acquisition of the Buheii Onshore Wind Farm from the world’s largest independent renewable energy company, RES. This 79.8 MW project is situated in Kvinesdal, southern Norway.

It was announced in January that the Buheii project would provide power to Eramet Norway until 2038, ensuring a stable and long-term power supply to Eramet Norway's Norwegian smelters. With an electricity demand of more than 2 TWh per annum, the company relies on long-term and predictable power conditions to ensure stable and efficient operation in its processing plants in Porsgrunn, Sauda and Kvinesdal.

Two Nordic companies have been selected to complete the main civil and overhead lines works, including Risa AS, one of Norway's largest construction contractors. Risa has been chosen to carry out all groundwork on the project. The groundwork is due to start in the coming weeks and will last for around a year. Construction activities are expected to support between 80 – 100 jobs. The full contractor shortlist will be announced in due course.

Risa AS have developed a site plan to avoid the spread of coronavirus, and a dedicated staff member will ensure that all new Government regulations related to coronavirus are adhered to.

When fully operational, the windfarm will comprise of 19 Vestas V150 turbines which will produce enough low-carbon electricity to displace an estimated 15,000 tonnes CO2e emissions every year. Over the lifetime of the project it will help reduce emissions by 375 kt CO2e, supporting Norway in its goal of becoming a ‘low emission society’ by 2050 and achieve ‘climate neutrality’ by 2030.

Edward Northam, Head of Green Investment Group Europe, said :
The rapid electrification of Norway’s economy is driving a significant growth in demand for affordable power, particularly in the energy-intensive industrial sector and companies like Eramet Norway. We are delighted to be playing a role ensuring that this demand is met by renewable sources, with our growing portfolio of Norwegian wind projects.”

Matilda Afzelius, RES’ CEO in the Nordics, said:
RES has a strong international relationship with Macquarie’s Green Investment Group that is now materialising in the Nordics. We look forward to expanding our partnership through the construction and asset management of this project and forthcoming opportunities”.

Virginie de Chassey, Executive Vice-President, Sustainable Development and Communication of the Eramet Group commented:
This project marks the first power purchase agreement of Eramet for wind energy in the supply of its industrial sites. It is fully in line with our CSR strategy to bring a positive contribution to the global reduction of carbon emissions, while guaranteeing us a competitive source of energy. The choice of local companies for the construction of the Buheii Wind Farm also illustrates our constant commitment to be a contributive partner for our host communities.”

The deal further expands GIG’s presence in the Nordic region following its acquisition of Hornamossen onshore wind farm and previous investments in two large Swedish projects.

Macquarie Group, which owns GIG, is one of the world’s largest investors in renewable energy having invested or arranged over $A8 billion in FY19 in clean energy projects around the world. Macquarie has had a presence in Europe for over 30 years, having opened its London headquarters in 1989. In the UK, the business has supported over 140 green energy projects.