Funds managed by Macquarie Asset Management and Spring Infrastructure Capital have reached an agreement to divest a minority stake in the 573MW Race Bank Offshore Wind Farm to Norges Bank Investment Management for approximately £330m.
The 37.5% stake has been sold by Macquarie European Infrastructure Fund 5 consortium and the Spring Infrastructure 1 Investment Limited Partnership.
A Macquarie Capital and Macquarie European Infrastructure Fund 5 consortium acquired a 50% stake in Race Bank during the construction phase in 2016.
Macquarie Capital divested its 25% stake in Race Bank in 2017.
Located approximately 27-kilometres off the Norfolk coast, Race Bank is comprised of 91 6.3-MW turbines and has been operational since 2018.
Jonathan Duffy, a managing director at MAM Green Investments, said: “Supporting Race Bank from construction into its successful operations has been a great journey.
“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.”
The terms of the transaction imply an equity value of approximately £880m on a 100% basis.
The transaction has now reached financial close.