Norway’s sovereign wealth fund is buying a stake in the Race Bank wind farm for £330 million
Green energy: Norway’s massive sovereign wealth fund has bought a 37.5% stake in the Race Bank wind farm, about 17 miles off the Norfolk coast
Norway’s massive sovereign wealth fund has pumped £330 million into a wind farm in British waters.
Norges Bank Investment Management, which is valued at £1.3 trillion, has bought a 37.5 per cent stake in Race Bank, about 17 miles north of Blakeney Point in Norfolk.
The deal with sellers Macquarie Asset Management (MAM) and Spring Infrastructure Capital, which also includes a debt facility, values the North Sea Wind Farm at around £2.6 billion.
The Danish giant Orsted will remain 50 percent owner and operator of the wind farm, while Arjun Infrastructure Partners will remain a co-investor for 12.5 percent.
Race Bank opened in 2018 and generates enough green energy to power half a million homes.
Jonathan Duffy, from MAM Green Investments, said: “Supporting Race Bank has been an amazing journey