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    Race Bank stake sold by Macquarie & Spring funds

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    Funds managed by Macquarie Asset Management and Spring Infrastructure Capital have come to an agreement to sell a minority stake in the 573MW Race Bank Offshore Wind Farm to Norges Bank Investment Management for about £330 million.


    The 37.5% stake was divested by the Macquarie European Infrastructure Fund 5 consortium and the Spring Infrastructure 1 Investment Limited Partnership.


    In 2016, a consortium of Macquarie Capital and Macquarie European Infrastructure Fund 5 acquired a 50% stake in Race Bank during its construction phase. Macquarie Capital sold its 25% stake in Race Bank in 2017.


    Located approximately 27 kilometers off the Norfolk coast, Race Bank comprises 91 6.3-MW turbines and has been operational since 2018.


    Managing director at MAM Green Investments, Jonathan Duffy, 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 suggest an equity value of approximately £880 million on a 100% basis.


    The transaction has now reached financial close.


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