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.