Macquarie Group has struck a £1.6 billion ($2.7 billion) deal with Denmark’s DONG Energy to buy half of a huge offshore wind farm in the UK, in a scaling-up of its overseas renewable energy investments.

The deal, announced overnight, will see Macquarie’s European Infrastructure Fund 5 and Macquarie Capital each take 25 per cent of Race Bank, a 573 megawatt wind farm being built off the North Norfolk coast.

It comes as expectations grow that Macquarie is set to agree a deal to take over the UK’s Green Investment Bank, an Edinburgh-based bank set up to invest in green energy and infrastructure projects expected to be sold for about £2 billion

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