Macquarie Asset Management to divest stakes in eight UK offshore wind farms

Macquarie Asset Management has reached an agreement to sell stakes in eight offshore wind farms around the United Kingdom to infrastructure manager and investor, Equitix.

The agreement will see Macquarie European Infrastructure Fund 5’s 50 per cent 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 comprised of 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 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.”

Achal Bhuwania, Chief Investment Officer, 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 this 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.¹

Macquarie Group is helping to accelerate the decarbonisation of the UK’s economy, mobilising investment in established clean technologies like wind and solar while investing across more nascent areas of the energy transition such as hydrogen, electric vehicle charging infrastructure, and battery storage.

The terms of the transaction have not been disclosed.

About Equitix

Equitix is a responsible investor, developer and manager in infrastructure, established in the UK in 2007 with over £10 billion of AUM. Equitix has been investing directly into clean energy for over a decade, with over £2.1 billion invested into carbon-reducing, renewable power-generating projects across Europe and the UK, through 155 assets with a combined capacity of over 4.4GW. Its dedicated team offer core sector expertise and an extensive industry network.

1. The West of Orkney and Outer Dowsing offshore wind farms are being developed by Corio Generation, a portfolio company of Macquarie Asset Management’s Green Investment Group operating on a standalone basis.