Norges Bank Investment Management (NBIM) has acquired a 37.5% interest in a 573 MW operational offshore wind farm located in the UK.
The sellers of the interest are Macquarie Asset Management, via Macquarie European Infrastructure Fund 5 (25.0%), and Spring Infrastructure 1 Investment Limited Partnership, a fund managed by Spring Infrastructure Capital Co. (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. The agreement was signed on 9 April, and completed on 14 June.
Norges Bank Investment Management paid £330 mln (€390 mln), for its 37.5% interest, valuing the wind farm at approximately £2.6 bn.
The wind farm includes a debt facility with an outstanding balance of approximately £644 mln at Norges Bank Investment Management’s ownership share.
The wind farm, named Race Bank, reached commercial operations in February 2018. It is located off the Lincolnshire and North Norfolk coast in the UK. 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.
