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

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

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

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