Macquarie Asset Management divests stake in Race Bank offshore wind farm

By: Chloe Emanuel

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17/06/2024 Macquarie

Macquarie Asset Management, through Macquarie European Infrastructure Fund 5, along with Spring Infrastructure 1 Investment Limited Partnership, has sold a 37.5% stake in the Race Bank Offshore Wind Farm to Norges Bank Investment Management for about £330 million.

Race Bank, located 27 kilometres off the Norfolk coast, features 91 turbines, each with a capacity of 6.3 MW. Since becoming operational in 2018, it generates 573 MW of electricity, enough to power over 510,000 UK homes annually.

Macquarie Capital and Macquarie European Infrastructure Fund 5 initially acquired a 50% stake in Race Bank during its construction in 2016, with Macquarie Capital divesting its 25% stake in 2017. Jonathan Duffy, Managing Director at MAM Green Investments, highlighted the project’s success and its significant contribution to the UK's decarbonisation efforts.

Post-transaction, Macquarie Asset Management will continue to manage interests in several other offshore wind farms, including Gwynt y Môr, Sheringham Shoal, Lincs, Lynn, Inner Dowsing, Rhyl Flats, and East Anglia One. Additionally, Macquarie and its partners are involved in developing new projects such as the 2 GW West of Orkney, 1.5 GW Outer Dowsing, 1.2 GW Rampion 2, and 353 MW Five Estuaries offshore wind farms.

With over a decade of investment in the UK’s offshore wind sector, Macquarie Group remains a leading investor, having financed projects that account for approximately half of the UK's operational offshore wind capacity.

The transaction, now financially closed, values Race Bank at around £880 million on a 100% basis.

For more information about offshore wind farm projects across the globe, click here.

About the Author

4C Offshore | Chloe Emanuel
Chloe Emanuel

Press Coordinator

01502 307037