Macquarie, an Australia-based global investment banking and diversified financial services group, acquired 50% stake in Race Bank offshore wind farm, The Telegraph reports on Thursday.
According to the newspaper, the transaction is estimated at $1.6 billion. The project of an offshore wind farm, located 17 miles off the Norfolk coast, provides for the facilities’ capacity of 573MW. It is scheduled to start powering the UK grid at the end of 2018.
The deal envisages that Macquarie takes on half the wind farm’s remaining construction costs, what also includes the transmission lines connecting it to the shore.
Australian Macquarie has an experience in offshore wind and successfully invested in infrastructure projects across the globe before.