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Norges buys 37.5% of 573MW Race Bank for £330m

RICHARD HEAP

June 17, 2024

Norges Bank Investment Management has bought a 37.5% stake in the 573MW Race Bank offshore wind farm in UK waters for £330m.

The investor has agreed to buy a 25% stake in the project from Macquarie Asset Management’s European Infrastructure Fund 5 and 12.5% from Spring Infrastructure Capital’s Infrastructure 1 Investment Limited Partnership. Ørsted is set to retain a 50% stake in Race Bank, while Arjun Infrastructure Partners owns 12.5%.

The 91-turbine project was commissioned in 2018 and is located off the coast of Lincolnshire and north Norfolk.

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