A consortium made up of investment funds belonging to Australia-headquartered Macquarie Asset Management and Spring Infrastructure Capital has reached an agreement to divest a 37.5 per cent stake in the 573 MW Race Bank offshore wind farm in the UK to Norges Bank Investment Management.
The stake was sold to the Norwegian sovereign wealth fund for approximately GBP 330 million (about EUR 390.6 million).
According to Norges Bank Investment Management, the fund acquired Macquarie European Infrastructure Fund 5’s 25 per cent stake and Spring Infrastructure 1 Investment Limited Partnership’s 12.5 per cent interest in the Race Bank offshore wind farm.
A Macquarie Capital and Macquarie European Infrastructure Fund 5 consortium acquired a 50 per cent stake in Race Bank during the construction phase in 2016. Macquarie Capital divested its 25 per cent stake in the wind farm in 2017.
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With the deal, Arjun Infrastructure Partners will remain co-investor for 12.5 per cent of the wind farm and Ørsted will remain a 50 per cent owner and operator of Race Bank.
Located approximately 27 kilometres off the Norfolk coast, the Race Bank offshore wind farm is comprised of 91 6.3 MW turbines.
Operational since 2018, the project is capable of generating 573 MW of electricity, powering the equivalent of more than 510,000 UK homes annually.