Macquarie Asset Management is to gain full ownership of the Lynn and Inner Dowsing offshore wind farms in the UK by acquiring the remaining 39.25% stake currently held by BlackRock.
The 194MW Lynn and Inner Dowsing, located off the coast of Lincolnshire, have been operational since 2009.
Macquarie GIG Renewable Energy Fund 1 acquired its 60.75% stake in Lynn and Inner Dowsing in 2016 as part of a consortium. The deal at the time involved Centrica and EIG Global Energy Partners selling the Glens of Foudland, Lynn and Inner Dowsing wind farms to the consortium which included funds managed by BlackRock, for an enterprise value of £423m (€504m).
Macquarie said it intends to buy the additional stake through the Macquarie GIG Renewable Energy Fund 2 and a Macquarie Asset Management Private Wealth Fund. Financial details were undisclosed.
Jonathan Duffy, managing director at MAM Green Investments at Macquarie, 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.”
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