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Macquarie Invests £1.6 Billion in UK Offshore Wind Farm

Kim Hansen/Wikimedia Commons

Global investment banker Macquarie Group Ltd. has invested £1.6 billion (US$2 billion) to buy a 50% stake in Dong Energy’s Race Bank offshore wind farm in the UK.

The 91-turbine, 573-MW project off the Norfolk coast, built by Siemens AG and sufficient to power 400,000 homes when it’s complete, is scheduled to go into service in 2018.

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“We have seen a high level of interest from a number of potential investors in Race Bank,” said Samuel Leupold, Dong’s head of wind power. “This proves that our partnership model continues to be attractive.”

Macquarie is also a leading bidder to buy the UK’s Green Investment Bank, Bloomberg reports.

A Bloomberg New Energy Finance specialist sees the company taking a diversified approach to its energy acquisitions. “The thing that stands out for me is Macquarie’s appetite in the energy space,” said wind analyst Keegan Kruger. “They are targeting the GIB, fossil fuel assets, and now this direct investment, which isn’t their first.”