Macquarie and MGT Raising Debt for $1 Billion U.K. Biomass Plant

(Bloomberg) — Macquarie Group Ltd., the Australian
investment bank, is helping MGT Power Ltd. raise financing for a
650 million-pound ($1 billion) biomass power plant in northeast
England.

Macquarie will provide equity and help MGT raise debt for
the 299-megawatt Teesside Renewable Energy Plant, the Sydney-based company said Tuesday in an e-mailed statement. Financing
is expected to be complete this year.

MGT won European Union approval for U.K. government aid in
January. The plant will receive payments for its power under the
U.K.’s contracts-for-difference program that guarantees the
price that clean energy generators receive for 15 years.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Will Wade, Jim Efstathiou Jr.

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us