Green energy: Norway’s huge sovereign wealth fund has bought a 37.5% stake in the Race Bank wind farm about 17 miles off the Norfolk coast
Norway’s huge sovereign wealth fund has invested £330m in a wind farm in British waters.
Norges Bank Investment Management, valued at £1.3bn, 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 credit facility, values the North Sea wind farm at around £2.6bn.
Danish giant Orsted will continue to own and operate 50 percent of the wind farm, while Arjun Infrastructure Partners will remain a 12.5 percent co-investor.
Race Bank opened its doors in 2018 and generates enough green energy to power half a million homes.
Jonathan Duffy, of MAM Green Investments, said: “Supporting Race Bank has been a great journey
