Macquarie : Asset Management divests East Anglia ONE stake

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Macquarie Asset Management divests East Anglia ONE stake

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London, 01 May 2024

Macquarie Asset Management has reached an agreement to divest a 10 per cent stake in East Anglia ONE offshore wind farm to NTR, a leading renewable energy specialist (on behalf of the L&G NTR Clean Power (Europe) Fund (the "Fund") and one of the Fund's investors, The Development Bank of Japan Inc).

East Anglia ONE is a 714 MW offshore wind farm, situated 43 kilometres off the Suffolk coast. With 102 7 MW Siemens Gamesa turbines, it is capable of generating enough electricity to power the equivalent of 630,000 homes each year.¹

In 2019, Macquarie Asset Management's specialist Green Investments business acquired a 40 per cent stake in the offshore wind farm. Through a partnership with Iberdrola's ScottishPower Renewables, Macquarie supported the project through construction and into operations in 2020. Following the project becoming fully operational, Macquarie divested a 20 per cent stake in the offshore wind farm later that year to The Renewables Infrastructure Group.

Edward Northam, Global Head of Core Renewables at MAM 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."

Following this transaction, Macquarie Asset Management will retain a 10 per cent stake in East Anglia ONE. Funds managed by Macquarie Asset Management will continue to manage stakes in the Gwynt y Môr, Sheringham Shoal, Lincs, Lynn, Inner Dowsing, Rhyl Flats offshore wind farms. 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.²

Macquarie Group is one of the largest investors in the UK's offshore wind sector. Since 2010, Macquarie Group has invested to help finance projects and support infrastructure representing approximately 50 per cent of the UK's operational offshore wind capacity.^3,4

Macquarie Capital acted as financial adviser to Macquarie Asset Management. The terms of the transaction have not been disclosed.

1. East Anglia ONE, ScottishPower Renewables, 2021
2. The West of Orkney and Outer Dowsing offshore wind farms are being developed by Corio Generation, a portfolio company of Macquarie Asset Management's Green Investment Group operating on a standalone basis.
3. 6,884 MW of projects supported as at 30 November 2023. Calculation based on installed capacity of projects and associated infrastructure (e.g. transmission) in which Macquarie entities have held equity or debt investments. MW reflects 100% generating capacity of each asset, not the proportion owned or managed by Macquarie
4. 13,666 MW of operational offshore wind capacity, 'Offshore Wind Report', Crown Estate, 2022

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