Norges Bank Investment Management has acquired a 37.5 percent interest in a 573 MW operational offshore wind farm located off the Lincolnshire and North Norfolk coast.
The wind farm, named Race Bank, reached commercial operations in February 2018. It has 91 6.3-MW wind turbines with a combined total capacity of 573 MW, powering the equivalent of more than 510,000 UK homes annually.
Norges Bank Investment Management paid £330 million for its stake, valuing the wind farm at approximately £2.599 billion. The wind farm includes a debt facility with an outstanding balance of approximately £644 million at Norges Bank Investment Management’s ownership share.
The sellers of the 37.5 percent interest are Macquarie Asset Management, via Macquarie European Infrastructure Fund 5 (25%), and Spring Infrastructure 1 Investment Limited Partnership, a fund managed by Spring Infrastructure Capital Co., Ltd. (12.5%).
Arjun Infrastructure Partners will remain co-investor for 12.5% of the wind farm, and Ørsted will remain as a 50% owner and operator of the wind farm.
