Macquarie and Spring Infrastructure Sell Stake in Race Bank Wind Farm

Consortium divests 37.5% interest in UK offshore wind project, valuing asset at GBP 2.6 billion.

A consortium led by Macquarie Asset Management and Spring Infrastructure Capital Co has sold its 37.5% stake in the Race wind farm, situated off Britain's Norfolk coast, in a transaction valuing the entire asset at GBP 2.6 billion (USD 3.3 billion/EUR 3.08 billion).

Norwegian sovereign wealth fund acquired the stake for approximately GBP 330 million (USD 418.9 million/EUR 390.7 million), the buyer announced on Monday.

In its statement, Norges Bank Investment Management detailed that it purchased the interests held by Macquarie European Infrastructure Fund 5, which owned 25%, and Spring Infrastructure 1 Investment Limited Partnership, holding the remaining 12.5% in Race Bank. The wind farm also includes a debt facility with GBP 644 million outstanding at the time of .

Following the transaction, Norges Bank Investment Management becomes the second largest shareholder in Race Bank, trailing only Denmark's Ørsted A/S, which retains a 50% ownership stake and operates the wind farm. Arjun Infrastructure Partners holds the remaining 12.5% share.

Originally, a consortium involving Macquarie Capital and Macquarie European Infrastructure Fund 5 acquired a 50% interest in Race Bank during its construction phase in 2016. Macquarie Capital divested its 25% stake the following year.

Race Bank, located 27 kilometers (16.8 miles) off Norfolk's coast, boasts 91 turbines with a capacity of 6.3 MW each, generating power since June 2018. The wind farm produces enough electricity annually to meet the needs of over 510,000 British households.


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