Macquarie Asset Management has announced plans to increase its ownership in the Lynn and Inner Dowsing offshore wind farms, situated off the coast of Lincolnshire, by acquiring an additional 39.25% stake from funds managed by BlackRock. These operational wind farms, active since 2009, collectively generate enough electricity to power over 160,000 UK homes annually.
Jonathan Duffy, managing director at MAM Green Investments, underscored the projects' role in advancing the UK's renewable energy goals, stating, “Delivered as part of the Renewables Obligation scheme, Lynn and Inner Dowsing helped lay the groundwork for the UK's leadership positions today in the energy transition and offshore wind sectors.”
The transaction, facilitated through Macquarie GIG Renewable Energy Fund 2 and a Macquarie Asset Management Private Wealth Fund, will consolidate Macquarie Asset Management's ownership to 100% of the wind farms. Macquarie Group has been a prominent investor in the UK offshore wind sector for over a decade, supporting approximately 50% of the country's operational offshore wind capacity.
Macquarie Group's investment portfolio includes stakes in prominent offshore wind projects such as Gwynt y Môr, Sheringham Shoal, Lincs, Rhyl Flats, and East Anglia One. Looking forward, Macquarie and its partners are actively involved in developing future projects like West of Orkney, Outer Dowsing, Rampion 2, and Five Estuaries, contributing to the expansion of offshore wind capacity in the UK.
Macquarie Capital is serving as the exclusive financial adviser for the transaction, the financial terms of which have not been disclosed.
