Norges Bank Investment Management

06/17/2024 | Press release | Distributed by Public on 06/17/2024 01:07

New investment in renewable energy infrastructure

New investment in renewable energy infrastructure

17 June 2024

Norges Bank Investment Management has acquired a 37.5 percent interest in a 573 MW operational offshore wind farm located in UK.

The agreement was signed on 9 April 2024, and completed on 14 June 2024.

Norges Bank Investment Management [1] paid GBP 330 million [2], for its 37.5 percent interest, valuing the wind farm at approximately GBP 2,599 million. The wind farm includes a debt facility with an outstanding balance of approximately GBP 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 (25.0%), 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

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.

Line Aaltvedt
Head of Communications
Tel: +47 948 54 656
E-mail: [email protected]

[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) real assets investments are made and managed by subsidiary structures set up by Norges Bank.

[2] Norges Bank Investment Management has acquired 37.5% of a UK company that owns the offshore wind farm. The paid consideration is reduced for cash in the company at completion date.