– Macquarie sells 10% stake in 714 MW East Anglia ONE project in the UK North Sea to The Development Bank of Japan and L&G NTR Clean Power (Europe) Fund, a $900mn vehicle controlled by Legal & General Investment Management and NTR
– East Anglia ONE has been operating since Jun’20 and benefits from a 15-year contracts-for-difference (CfD) at a tariff at $150/MWh, with 11 years remaining on the contract period as of deal announcement
– Macquarie entered the project in Aug’19 through the acquisition of a 40% stake from Iberdrola for $1.9bn (payable upon commercial operation), representing a deal multiple of $6.9mn/MW.
💡Enerdatics estimates the enterprise value of the current transaction at a multiple of $7.5mn/MW or $535mn, through a comparative analysis of analogous precedent offshore wind deals in the UK
– Our analysis factors in the impacts of the transacted assets’ route-to-market, remaining contractual life, asset maturity, and awarded power tariff
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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