Macquarie Asset Management is selling its stakes in eight offshore wind farms around the UK to infrastructure fund manager Equitix.
The agreement will see Macquarie European Infrastructure Fund 5’s 50% stake in Offshore Wind Company sold to funds managed by the UK-headquartered investment manager.
Offshore Wind Company holds various direct and indirect stakes in a 2.4 GW portfolio comprising eight operational offshore wind farms and is one of the world’s largest and diversified offshore wind portfolios.
The portfolio includes direct stakes held in the 400 MW Rampion, 353 MW Galloper, and 210 MW Westermost Rough offshore wind farms. Offshore Wind Company also owns indirect stakes in the 576 MW Gwynt y Mor, 317 MW Sheringham Shoal, 270 MW Lincs, 196 MW Lynn and Inner Dowsing, and 90 MW Rhyl Flats offshore wind farms via a limited partnership share in Macquarie Green Investment Group Renewable Energy Fund 1.
David Tilstone, a managing director at Macquarie Asset Management, said: “These projects have played a crucial role in supporting the early transformation of the UK’s energy mix and in establishing the country’s reputation as one of the world’s leading markets for offshore wind. We look forward to taking forward the next phase of projects to help meet the UK’s goal of 50 GW of installed offshore wind capacity by the end of this decade.”
Achal Bhuwania, chief investment officer at Equitix, said: “We are pleased to be investing into this unique and diversified offshore wind portfolio which enhances our partnership with leading offshore industry partners and achieves our continued desire to make material contributions to the UK’s energy transition and net-zero ambitions. This transaction is part of our triple-defence portfolio-construction strategy wherein we are building a diversified portfolio of essential infrastructure assets with long-term inflation linkage for our core funds.”
Following the transaction, Macquarie Asset Management and its Green Investment Group will continue to manage stakes in Gwynt y Môr, Sheringham Shoal, Lincs, Lynn and Inner Dowsing, and Rhyl Flats via Macquarie Green Investment Group Renewable Energy Funds 1 and 2 alongside its investments in the 573 MW Race Bank and 714 MW East Anglia One offshore wind farms. Macquarie and its partners are also supporting the development of the 2 GW West of Orkney, 1.5 GW Outer Dowsing, 1.2 GW Rampion 2, and 353 MW Five Estuaries offshore wind projects.
To read the latest edition of the latest IPE Real Assets magazine click here.