Norges Bank Investment Management (NBIM), responsible for the investments of the Government Pension Fund Global (GPFG), has acquired a 37.5 per cent interest in a 573 MW operational offshore wind farm in the UK.

NBIM paid £330m, for its 37.5 per cent interest, valuing the wind farm at approximately £2,599m. The wind farm includes a debt facility with an outstanding balance of approximately £644m at NBIM’s ownership share.

The sellers of the 37.5 per cent interest are Macquarie Asset Management, via Macquarie European Infrastructure Fund 5 (25 per cent), and Spring Infrastructure 1 Investment Limited Partnership, a fund managed by Spring Infrastructure Capital Co., Ltd. (12.5 per cent).

Arjun Infrastructure Partners will remain a co-investor for 12.5 per cent of the wind farm, and Ørsted will remain a 50 per cent owner and operator of the wind farm. The agreement was signed on 9 April 2024, and completed on 14 June 2024.

The wind farm, named Race Bank, reached commercial operations in February 2018. It is located off the Lincolnshire and North Norfolk coast in the UK. It has 91 6.3-MW wind turbines with a combined total capacity of 573 MW, powering the equivalent of more than 510,000 UK homes annually.

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