Macquarie to Take Full Ownership of 194 MW Offshore Wind Farms in UK

July 18, 2024, by Adnan Memija

Macquarie Asset Management has unveiled its plans to take full control of the Lynn and Inner Dowsing offshore wind farms in the UK by acquiring the remaining stake currently controlled by BlackRock.

Macquarie GIG Renewable Energy Fund 1 acquired a 60.75 per cent stake in Lynn and Inner Dowsing in 2016. Now, the company intends to acquire, via its managed funds, an additional 39.25 per cent stake from funds managed by BlackRock.

The transaction would increase Macquarie Asset Management’s stake in the wind farms to 100 per cent.

Located off the coast of Lincolnshire, Lynn and Inner Dowsing offshore wind farms have been operational since 2009. With a combined installed capacity of approximately 194 MW, the projects generate enough electricity to power the equivalent of more than 160,000 UK homes each year, according to the press release.

“Delivered as part of the Renewables Obligation scheme, Lynn and Inner Dowsing helped lay the groundwork for the UK’s leadership positions today in the energy transition and offshore wind sectors,” said Jonathan Duffy, a Managing Director at MAM Green Investments.

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Funds managed by Macquarie Asset Management manage stakes in the Gwynt y Môr, Sheringham Shoal, Lincs, Lynn, Inner Dowsing, Rhyl Flats, and East Anglia One offshore wind farms.

In addition, Macquarie Group and its partners are also supporting the development of the next generation of projects, including the 2 GW West of Orkney, 1.5 GW Outer Dowsing, 1.2 GW Rampion 2, and 353 MW Five Estuaries offshore wind farms.