Macquarie Asset Management set to sell 37.5% stake in Race Bank Wind Farm for £330 million
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In a press release, Macquarie Asset Management announced that it has finalized an agreement to sell a 37.5% stake in the Race Bank Offshore Wind Farm.
The sale involves its Macquarie European Infrastructure Fund 5 and Spring Infrastructure 1 Investment Limited Partnership, managed by Spring Infrastructure Capital Co., Ltd., to Norges Bank Investment Management for about £330 million.
The offshore wind farm is situated 27 kilometres off Norfolk’s coast and comprises 91 turbines. Since its inception in 2018, it has generated 573 megawatts (MW).
The Race Bank wind farm has been powering more than 510,000 homes in the United Kingdom each year.
The asset management firm had offloaded a 25% stake in 2017 after acquiring a 50% share during the construction of the wind farm in 2016.
Also read: SSE eyes 800 MW offshore wind farm to boost Ireland’s renewable energy goals
Jonathan Duffy, a Managing Director at MAM Green Investments, said, “Supporting Race Bank from construction into its successful operations has been a great journey”.
He added, “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.”
Following this transaction, Macquarie Asset Management will retain interests in other significant offshore wind farms such as Gwynt y Môr, Sheringham Shoal, Lincs, Lynn, Inner Dowsing, Rhyl Flats, and East Anglia One.
The group remains committed to developing upcoming projects like West of Orkney (2 GW), Outer Dowsing (1.5 GW), Rampion 2 (1.2 GW), and Five Estuaries (353 MW).
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