Macquarie Asset Management has agreed to divest stakes in eight operating offshore wind farms in British waters with a combined capacity of 2.4GW to Equitix.
The financial terms of the deal were not disclosed.
Under the terms of the agreement, funds managed by the UK-based investment manager will acquire a stake of 50% in Offshore Wind Company from Macquarie European Infrastructure Fund 5.
Offshore Wind Company owns various direct and indirect stakes in the offshore wind farms involved in the deal.
Included in the portfolio are direct ownership of the 400MW Rampion, the 210MW Westermost Rough, and the 353MW Galloper offshore wind farms.
Offshore Wind Company holds indirect stakes in the 576MW Gwynt y Mor, the 270MW Lincs, the 317MW Sheringham Shoal, the 196 MW Lynn and Inner Dowsing, and the 90MW Rhyl Flats offshore wind farms. The stakes are owned through a limited partnership share in Macquarie Green Investment Group Renewable Energy Fund 1.
Macquarie Asset Management managing director David Tilstone said: “These projects have played a crucial role in supporting the early transformation of the country’s energy mix and establishing the UK’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.”
Post-transaction, Macquarie Asset Management and its Green Investment Group will continue owning stakes in Gwynt y Môr, Lincs, Sheringham Shoal, Lynn and Inner Dowsing, and Rhyl Flats through Macquarie Green Investment Group Renewable Energy Funds 1 and 2.
Macquarie Asset Management will also continue its investments in the 714MW East Anglia One and the 573MW Race Bank offshore wind projects.
Equitix said that it is acquiring the stakes in the offshore windfarm portfolio in partnership with Orsted, RWE, and Equinor.
According to the investment manager, the deal with Macquarie Asset Management adds to its renewable power portfolio, with investments in 10 offshore wind farms. Put together, the offshore wind projects in Equitix’ portfolio are said to make up over 33% of the current installed capacity in the UK.
Equitix chief investment officer, Achal Bhuwania 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 also achieves our continued desire to make material contributions to 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.”
