Future Of British Business
Macquarie Targets North Sea as the Green Energy Hub of Europe
- Center of UK oil-and-gas industry may soon produce hydrogen
- Bank has interests in 10 offshore wind farms in the North Sea
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Macquarie Group Ltd. is betting the North Sea -- engine of the UK’s once-booming oil and gas industry -- can be transformed into the green energy hub of Europe.
The Australian bank, one of the top energy-infrastructure investors, has been acquiring offshore wind farms, pipelines and networks that will be in prime position to produce, carry and store the clean hydrogen that could replace gas heating in homes across Britain. It’s poured more than £50 billion into UK assets since 2005, many of which are in the North Sea.