Home Money Norway’s sovereign wealth fund buys £330m stake in Race Bank wind farm

Norway’s sovereign wealth fund buys £330m stake in Race Bank wind farm

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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

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

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