Stake in Race Bank Wind Farm Bought by Norwegian Wealth Fund

Funds managed by Macquarie Asset Management and Spring Infrastructure Capital have decided to sell a 37.5% stake in the Race Bank offshore wind farm to Norges Bank Investment Management.

The stake in the 573 MW wind farm, situated about 27 km off the Norfolk Coast, was sold to the manager of Norway’s Sovereign Wealth Fund for £330 million ($420 million). The entire wind farm is valued at approximately £880 million on a 100% basis. The transaction has been finalized.

Race Bank consists of 91 turbines, each with a capacity of 6.3 MW, and has been operational since 2018. The offshore wind farm provides electricity to over 510,000 UK homes annually.

In 2016, a consortium of Macquarie Capital and Macquarie European Infrastructure Fund 5 acquired a 50% stake in Race Bank during its construction phase. Macquarie Capital sold its 25% stake in Race Bank in 2017.

After this transaction, funds managed by Macquarie Asset Management will continue to hold stakes in the Gwynt y Môr, Sheringham Shoal, Lincs, Lynn, Inner Dowsing, Rhyl Flats, and East Anglia One offshore wind farms.

Macquarie Group and its partners are also involved in developing future projects, including the 2GW West of Orkney, 1.5GW Outer Dowsing, 1.2GW Rampion 2, and 353MW Five Estuaries offshore wind farms.

The company has been instrumental in financing and supporting infrastructure projects that account for about 50% of the UK’s operational offshore wind capacity.