A deal has been reached for Macquarie Asset Management, through its Macquarie European Infrastructure Fund 5, and Spring Infrastructure Investment Limited Partnership, a fund run by Spring Infrastructure Capital, to sell Norges Bank Investment Management, for about £330m ($417m), a 37.5% share in Race Bank Offshore Wind Farm.
Race Bank, located around 27 kilometres off the Norfolk coast, is made up of 91 6.3-MW turbines.
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The offshore wind farm, which has been operational since 2018, has the capacity to generate 573 MW of electricity, enough to power more than 510,000 UK homes each year.
In 2016, a group led by Macquarie Capital and Macquarie European Infrastructure Fund 5 purchased a 50% interest in Race Bank while it was still under construction. In 2017, Macquarie Capital sold its 25% interest in Race Bank.
Jonathan Duffy, a managing director at MAM Green Investments, said: “Supporting Race Bank from construction into its successful operations has been a great journey. With Race Bank now producing electricity for more than half a million UK homes, it has become a significant contributor to the ongoing decarbonisation of the UK’s electricity system.”
After this deal, investments in the offshore wind projects Gwynt y Môr, Sheringham Shoal, Lincs, Lynn, Inner Dowsing, Rhyl Flats, and East Anglia One will be maintained by funds managed by Macquarie Asset Management.
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By GlobalDataThe next generation of projects, such as the 2 GW West of Orkney, 1.5 GW Outer Dowsing, 1.2 GW Rampion 2, and 353 MW Five Estuaries offshore wind farms, are also being developed with assistance from Macquarie Group and its partners.
Moreover, Macquarie Group has been investing in the UK offshore wind sector for over a decade and is a significant investor, having assisted with finance projects and supporting infrastructure that account for about half of the UK’s operating offshore wind capacity.
The transaction’s conditions imply an equity value of about £880m on a 100% basis and has now financially closed.
