Macquarie Asset Management announced it has signed a deal to divest a 10% stake in the East Anglia ONE offshore wind farm.
Renewable energy specialist NTR will be picking up the stake on behalf of L&G NTR Clean Power and one of the fund’s investors, the Development Bank of Japan.
The wind project comprising of 102 Siemens Gamesa turbines that stand around 25 miles off the Suffolk coast is capable of producing 714MW of clean energy, enough to power the equivalent of more than 630,000 homes.
The joint venture between ScottishPower Renewables and Macquarie’s Green Investment Group was a £2.5 billion project when it was delivered.
The Australian investment bank Macquarie has previously divested part of its stake in the project following it becoming fully operational in 2020.
The same year that the last turbine was installed The Renewables Infrastructure Group (TRIG) acquired a 20% stake in the green energy project from Macquarie.
The investment bank previously held a 40% share in the project but following its deal with NTR and TRIG, it now claims 10%.
Edward Northam, global head of core renewables at Macquarie Asset Management Green Investments, said: “The UK has some of the best wind resources in Europe.
“This potential has been harnessed through landmark projects such as East Anglia ONE, making the UK a global leader in offshore wind.
“We are proud of the role we’ve played in supporting the construction and operation of this important project.”
Macquarie picked up its initial 40% stake in the ScottishPower Renewables operated East Anglia ONE in 2019, one year before the last Siemens Gamesa was installed.
Macquarie Capital acted as financial adviser to Macquarie Asset Management in the deal with NTR, the terms of which have not been disclosed.
ScottishPower Renewables said at the time of the final turbine’s installation that 20% of the installation work was carried out during lockdown, making it an “incredible achievement”.
The project supported almost 3,500 jobs during the construction phase, which started in 2017.
A further 100 long-term skilled jobs were created at East Anglia One’s operations and maintenance base in Lowestoft.
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