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

Green energy: Norway’s huge sovereign wealth fund has bought a 37.5% stake in Race Bank wind farm some 17 miles off the Norfolk coast

Norway’s  huge sovereign wealth fund has ploughed £330million into a wind farm in British waters. 

Norges Bank Investment Management, which is valued at £1.3trillion, has bought a 37.5 per cent stake in Race Bank, some 17 miles north of Blakeney Point in Norfolk. 

The deal with sellers Macquarie Asset Management (MAM) and Spring Infrastructure Capital, which also includes a debt facility, values the North Sea wind farm at around £2.6billion. 

Danish giant Orsted will remain a 50pc owner and operator of the wind farm, while Arjun Infrastructure Partners will continue as co-investor for 12.5 per cent. 

Race Bank opened 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