Macquarie pays $2.7 billion for UK wind farm stake

Macquarie Group has paid about $2.7 billion for a stake in a giant offshore wind project in Britain.

Operator Dong Energy sold half of the Race Bank development.

energy: Macquarie Group has paid about $2.7 billion for a stake in a giant offshore wind project in Britain.

Operator Dong Energy sold half of the Race Bank development, a 573 megawatt project.

Macquarie European Infrastructure Fund 5 and Macquarie Capital paid £1.6bn ($2.7bn) for a 50 per cent position and a commitment to fund 50 per cent of the project’s construction.

Denmark-based Dong Energy will retain 50 per cent of the Race Bank project and will continue to manage construction of the development, with completion expected in 2018.

The broader Macquarie Group has now invested about £6bn in European renewables projects.

“We have a long and successful history of investing in renewable energy around the world,” said Martin Stanley, global head of Macquarie Infrastructure and Real Assets.

Dong Energy said Macquarie was chosen after a “high level of interest” emerged in the stake.