Macquarie Asset Management (ASX:MQG) aims to buy an additional 39.25% stake to take full control of the Lynn and Inner Dowsing offshore wind farms from funds managed by BlackRock.
Lynn and Inner Dowsing are located off the coast of Lincolnshire. Operational since 2009, the adjacent offshore wind farms have a combined installed capacity of approximately 194MW and generate enough electricity to power the equivalent of more than 160,000 UK homes each year.
Macquarie GIG Renewable Energy Fund 1 acquired a 60.75% stake in Lynn and Inner Dowsing in 2016.
This transaction, via Macquarie GIG Renewable Energy Fund 2 and a Macquarie Asset Management Private Wealth Fund, will increase Macquarie Asset Management’s stake in the wind farms to 100%.
Managing director at MAM Green Investments Jonathan Duffy said: “Delivered as part of the Renewables Obligation scheme, Lynn and Inner Dowsing helped lay the groundwork for the UK’s leadership positions today in the energy transition and offshore wind sectors.
“Ensuring the successful operation of these projects into the future, alongside the continued scaling-up of offshore wind capacity, will be key to meeting the UK’s energy security ambitions and we are proud to be supporting this journey.”
Macquarie Group has been investing in the UK’s offshore wind sector for more than a decade and is one of the largest investors in the sector, having helped finance projects and supporting infrastructure representing approximately 50% of the UK’s operational offshore wind capacity.
Macquarie Asset Management previously announced that it would invest $50 billion in offshore wind through its subsidiary Corio Generation.
The investments would come over seven years across markets with “cost-reflective pricing,” such as the UK, US and east Asia, according to the group’s CEO Jonathan Cole.
However, the asset manager recently divested a 10% stake in the 714MW East Anglia One offshore wind farm.
Macquarie had previously divested part of its stake in the £2.5bn project after it became fully operational in 2020.
Funds managed by Macquarie Asset Management manage stakes in the Gwynt y Mor, Sheringham Shoal, Lincs, Lynn, Inner Dowsing, Rhyl Flats and East Anglia One offshore wind farms.
Macquarie Group and its partners are also supporting the development of the next generation of projects, including the 2GW West of Orkney, 1.5GW Outer Dowsing, 1.2GW Rampion 2, and 353MW Five Estuaries offshore wind farms.
Macquarie Capital is acting as the exclusive financial adviser to Macquarie Asset Management. The terms of the transaction have not been disclosed
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