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Tees REP reaches financial close

UK independent power plant developer MGT Power Ltd and global financial service providers Macquarie Capital and Macquarie Commodities and Financial Markets (Macquarie), have announced that its 299 MWe biomass combined heat and power (CHP) project, Tees Renewable Energy Plant (Tees REP), has reached financial close on GBP 900 million (≈EUR 1.05 billion) of total funding.

In July 2015 MGT Power disclosed that it was partnering with Macquarie to deliver the project which will be located within the Teesport Estate near Middlesbrough in North East England. Macquarie, together with Danish pension fund PKA, have become equal share joint owners of MGT Teesside Ltd, which will own and manage the Tees REP.

Consortium change

Site preparation works for the estimated GBP 650 million (≈EUR 762 million) construction project is to begin shortly with the main build works starting a few months later. Commercial operations are scheduled to start in 2020.

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