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Macquarie’s Delayed UK Biomass Plant Seeks £150 Million

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Apr 16, 2023

Macquarie’s Delayed UK Biomass Plant Seeks £150 Million

The Tees Renewable Energy Plant in Teesside, UK. Irene Garcia Perez, Jack

The Tees Renewable Energy Plant in Teesside, UK.

Irene Garcia Perez,

Jack Sidders and

Todd Gillespie

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The Macquarie Group-backed company behind a long-delayed power plant in northern England is considering raising as much as £150 million ($188 million) from investors so it can start operating in July.

MGT Teesside Ltd., which owns and operates Tees Renewable Energy Plant, will raise the money to bolster liquidity and cover costs including debt coming due in June, according to people familiar with the matter. The company is a joint venture between Macquarie, Danish pension fund PKA and a group of Korean investors.