Macquarie Asset Management has announced that it intends to acquire, via its managed funds, an additional stake in the Lynn and Inner Dowsing offshore wind farms (pictured) from funds managed by BlackRock.
It intends to purchase a further 39.25% interest in the projects located off the coast of Lincolnshire.
Operational since 2009, the adjacent offshore wind farms have a combined installed capacity of approximately 194MW and generate enough electricity to power the equivalent of more than 160,000 UK homes each year.
Macquarie GIG Renewable Energy Fund 1 acquired a 60.75% stake in Lynn and Inner Dowsing in 2016.
This transaction, via Macquarie GIG Renewable Energy Fund 2 and a Macquarie Asset Management Private Wealth Fund, will increase Macquarie Asset Management’s stake in the wind farms to 100%.
Jonathan Duffy, a managing director at MAM Green Investments, said: “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.
“Ensuring the successful operation of these projects into the future, alongside the continued scaling-up of offshore wind capacity, will be key to meeting the UK’s energy security ambitions and we are proud to be supporting this journey.”
Macquarie Group has been investing in the UK’s offshore wind sector for more than a decade and is one of the largest investors in the sector, having helped finance projects and supporting infrastructure representing approximately 50% of the UK’s operational offshore wind capacity.
Funds managed by Macquarie Asset Management manage 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 supporting the development of the next generation of projects, including the 2GW West of Orkney, 1.5GW Outer Dowsing, 1.2GW Rampion 2, and 353MW Five Estuaries offshore wind farms.
Augusta & Co served as the exclusive sell-side financial adviser to BlackRock.
Karl Byrne, Director at BlackRock, said: “This was a complex transaction, and we were glad to have Augusta’s support.
“Augusta’s level of professionalism, attention to detail and ability to quickly get up the curve on complex issues set them apart.”
Macquarie Capital acted as the exclusive financial adviser to Macquarie Asset Management.
The terms of the transaction have not been disclosed.