Race Bank

DONG Energy (now Ørsted) acquired 100% of Race Bank development from Centrica for GBP 50m (~DKK 450m). Centrica had held the Crown Estate lease since 2004 (Round 2) and secured consent in 2012, but sold after failing to secure CfD subsidy. Project later obtained Renewables Obligation at 1.8 ROCs/MWh (Jun 2014). Consented capacity up to 580 MW. Converted at GBP/EUR ~1.22 (approximate rate for late 2013). Very low implied value reflects early-development risk — project had consent but no subsidy secured.

Macquarie-led consortium acquired 50% during construction phase. Total transaction proceeds ~GBP 1.6bn, comprising equity acquisition price + commitment to fund 50% of remaining capex including transmission assets. Proceeds payable 2016–2018 (project completion). Funded by project finance debt and equity. Ørsted retained 50%, construction management, O&M, and route- to-market. Consortium: MEIF5 (25%), Macquarie Capital (25%, later divested in 2017). 91 x Siemens 6.3 MW turbines, 573 MW. Post-2017 ownership: Ørsted 50%, MEIF5 25%, Sumitomo Corporation 12.5%, GIG/Arjun/Gravis 12.5%. GBP 1.6 billion', payable 2016 until completion (2018). (GBP 1.6bn ~ EUR 1.9bn @ 0.8444 2016-12 ECB avg.)

Macquarie's own 2024 release: "A Macquarie Capital and Macquarie European Infrastructure Fund 5 consortium acquired a 50 per cent stake in Race Bank during the construction phase in 2016. Macquarie Capital divested its 25 per cent stake in Race Bank in 2017." Ørsted's opening release (13 Jun 2018) gives the result: "Owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%), Sumitomo Corporation (12.5%) and funds advised by the Green Investment Group, Arjun Infrastructure Partners and Gravis Capital Management (12.5%)". Sumitomo's own case page dates its Race Bank participation to 2017. Two rows carry Macquarie Capital's 25%: this one (Sumitomo 12.5) and the next (the GIG / Arjun / Gravis-advised funds 12.5). Month not stated (announced 2017). Price undisclosed. Written 2026-08-19.

The other half of Macquarie Capital's 25% (see previous row): by Ørsted's opening release (13 Jun 2018) 12.5% was held by "funds advised by the Green Investment Group, Arjun Infrastructure Partners and Gravis Capital Management". Price undisclosed. Written 2026-08-19.

Sumitomo, SMBC and DBJ established Spring Infrastructure Capital to manage a fund that "will acquire UK assets held by Sumitomo Corporation as seed assets ... the Race Bank Offshore Wind Farm and the Galloper Offshore Wind Farm" (Sumitomo release, 14 Feb 2019; see the Galloper sister row). Sumitomo's Race Bank holding was the 12.5% bought from Macquarie Capital in 2017 (previous rows); Macquarie's 2024 release names the seller of 2024 as "Spring Infrastructure 1 Investment Limited Partnership, a fund managed by Spring Infrastructure Capital Co., Ltd." — consistent with this transfer. Price and completion date not disclosed. Written 2026-08-19.

NBIM acquired 37.5% stake (MEIF5's 25% + Spring Infrastructure's 12.5%) for GBP 330m. Agreement signed 9 Apr 2024, completed 14 Jun 2024. NBIM also assumed share of ~GBP 644m project debt facility. NBIM valued the wind farm at ~GBP 2,599m (enterprise value including debt). Implied 100% equity value ~GBP 880m (330/0.375). Converted at approximate GBP/EUR ~1.18 (2024 rate). Post-deal ownership: Ørsted 50%, NBIM 37.5%, Arjun Infrastructure Partners 12.5%. Race Bank operational since Feb 2018 (91 x Siemens 6.3 MW, 573 MW). Subsidy: ROC at 1.8 ROCs/MWh.