view of windmills of Rampion windfarm off the coast of Brighton, Sussex, UK
view of windmills of Rampion windfarm off the coast of Brighton, Sussex, UK


Supporting the growth of the UK’s offshore wind sector

Macquarie is one of the largest investors in the UK’s offshore wind sector, having helped finance projects and support infrastructure representing approximately 50 per cent of the UK’s operational offshore wind capacity.1,2

Through backing these and the next generation of projects as a developer, investor and adviser, Macquarie is helping further the UK’s reputation as a global centre for offshore wind.

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Sector Infrastructure
Sub-sector Energy
Location United Kingdom


The UK’s first offshore wind farm entered operations off the Northumberland coast in the year 2000.3 At 4 MW, the Blyth offshore wind farm is considered small by modern standards, but the pioneering project signalled the beginning of a multi-decade transformation of the UK’s energy system.

Falling technology costs, strong and consistent policy interventions underpinned by innovative price support mechanisms, and the successful delivery of early phase projects have helped create a role for offshore wind in the UK’s long-term energy security and decarbonisation plans. The creation of the Green Investment Bank by the UK Government in 2012 offered further momentum by using public funds to catalyse and mobilise private capital into new green projects, with offshore wind as a key focus.4

With an established local presence and capability in renewable energy, including previous offshore wind investments in other markets, Macquarie believed it could be more ambitious in supporting the growth of the UK’s wind sector.


Macquarie's offshore wind investments and projects


Macquarie leveraged its experience across a range of green technologies and energy markets when taking its first steps into the UK’s offshore wind sector. 

In 2010, Macquarie first invested in supporting infrastructure for the sector, backing the transmission assets of the Walney 1 (184 MW) project. This was followed by similar investments in the transmission assets of the Sheringham Shoal (317 MW) and West of Duddon Sands (389 MW) projects. From 2015, Macquarie began directly financing the development, construction and operation of UK offshore wind farms, investing in the Galloper (336 MW) and Race Bank (573 MW) projects.5

With momentum behind the global energy transition gaining pace, Macquarie led a consortium to acquire the Green Investment Bank from the UK Government in 2017. The £2.3 billion privatisation of the subsequently renamed Green Investment Group (GIG) acknowledged the growing role private capital would play in scaling investment across a range of green technologies globally. It also enabled Macquarie to immediately deepen its capability in the UK’s offshore wind sector.

With the acquisition and integration of GIG, Macquarie became the manager of the world’s first fund dedicated to offshore wind. The fund mobilised UK and international pension and sovereign wealth fund capital, making over £1 billion of equity investments in UK offshore wind projects including Rhyl Flats (90 MW), Gwynt y Mor (567 MW), Sheringham Shoal (317 MW), Lynn (98 MW), Inner Dowsing (98 MW), and Lincs (270 MW). Macquarie also became a manager of loans to the sector, including providing financing to the London Array (630 MW) near Kent. 


While investing directly in the sector, Macquarie also provides advisory to local and international clients seeking to invest in UK offshore wind projects.

Macquarie has provided M&A advisory services on 10 offshore wind transactions in the UK since 2017, advising both corporate and financial clients including Global Infrastructure Partners, Total and Equitix. These transactions have supported new investors to enter the sector, including PTTEP, GLIL Infrastructure and Gulf Energy. At the same time, Macquarie has provided debt advisory services to various projects. This expertise has helped to establish Macquarie as one of the leading M&A and debt advisers in UK offshore wind, facilitating greater equity and debt investment into the sector.


Since 2000, Macquarie has continued to leverage the technical and financial expertise developed to make new investments and advise on transactions in the UK’s offshore wind sector.

Its portfolio was expanded following new investments in the Rampion (353 MW), Westermost Rough (210 MW) and Galloper (353 MW) offshore wind projects. Macquarie also supported the development of East Anglia One (714 MW), invested further in Gwynt y Mor, and provided further debt financing to a range of projects including the Walney Extension (659 MW) and Hornsea One (1,218 MW).

Macquarie chose the UK as the global headquarters for Corio Generation, which it launched in April 2022 as a specialist developer of offshore wind with a global outlook and projects across Asia-Pacific, Europe and Americas. By transferring offshore wind experts from Macquarie, Corio was established with expert capability across financing, developing, building and operating projects. The London-based business is now one of the world’s largest offshore wind developers, with more than 30 GW of projects in development globally6 and named Offshore Developer of the Year in 2023.7

The support of Macquarie and its global network of capital partners is enabling Corio to take forward new projects, including the West of Orkney (2 GW) and Outer Dowsing (1.5 GW) wind farms off the coasts of Scotland and Lincolnshire.8,9 Macquarie, via its managed funds, is also backing the development of the Rampion 2 (1.2 GW) and Five Estuaries (353 MW) offshore wind farms in the North Sea. These four new projects represent a combined 5 GW of potential generation capacity and will help power UK homes, businesses and industry.

At the heart of these projects is a partnership approach that has enabled Macquarie to work with industrial players like TotalEnergies, Iberdrola and RWE, among others. These relationships, forged in the UK, have been exported to new markets like the United States, South Korea, and Taiwan.

Macquarie’s ongoing success in the offshore wind sector has also been enabled by the UK’s strong vision for the industry and efforts to create a supportive investment environment. This combination of factors has made the UK one of the world’s largest markets for offshore wind and a testing ground for new technologies, including floating turbines and green hydrogen.2 With the UK now aiming for 50 GW of offshore wind capacity by 2030,2 Macquarie believes it can continue to play a significant role in supporting the sector’s ongoing growth as both a leading investor and financial adviser.

2nd largest

offshore wind market globally is the UK2


of operational capacity supported by Macquarie and partners 2

5 GW

capacity in development by Macquarie and partners10



50 GW

UK target for offshore wind by 20302

The UK is a global leader in offshore wind. We are proud of the role we have played in accelerating the sector’s development locally – mobilising domestic and international capital to finance new and existing projects, supporting the creation of skilled green jobs, and helping to export UK expertise around the world."

Mark Dooley
Global Head of MAM Green Investments
Macquarie Asset Management

Early investments by Macquarie in offshore wind helped position the UK at the forefront of the global energy transition. Corio Generation was launched as a specialist offshore wind developer in 2022 to build on this rich legacy and bring the transformational and enduring benefits of offshore wind power to advanced and emerging economies all across the world."

Johnathan Cole
Chief Executive Officer
Corio Generation

  1. 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
  2. 13,666 MW of operational offshore wind capacity, ‘Offshore Wind Report’, Crown Estate, 2022
  3. E.ON’s Blyth Offshore wind farm to be decommissioned’, E.ON, 2019
  4. Future of UK Green Investment Bank PLC’, Department for Business Innovation and Skills, 2015
  5. DONG Energy divests 50% of Race Bank offshore wind farm to Macquarie’, DONG Energy, 2016
  6. Corio Generation, 2023
  7. Corio named Offshore Developer of the Year in Wind Investment Awards — Corio Generation
  8. About the project’, West of Orkney, 2023
  9. About the project’, Outer Dowsing, 2023
  10. MW reflects 100% generating capacity of each asset, not the proportion owned or managed by Macquarie. Calculation includes Corio Generation portfolio.

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