The Renewables Infrastructure Group (TRIG) and Equitix have completed the purchase of a 40 per cent stake in Sheringham Shoal offshore wind farm in deal worth £558 million.

The investors have acquired shares of 14.7 per cent and 25.3 per cent respectively from the Norwegian state-owned power company Statkraft.

The wind farm features 88 turbines, with a combined capacity of 316.8MW, located between nine and 17 miles off the coast of Norfolk. It was commissioned in 2012 and is subsidised through the Renewables Obligation scheme.

TRIG’s £80 million investment represents its first in the offshore wind sector, adding 47MW to the total capacity of its portfolio which now standards at roughly 820MW. The company holds stakes in 57 projects spread across the UK, France and the Republic of Ireland.

Company chairman Helen Mahy, said: “The board of TRIG is delighted to conclude the company’s first investment in offshore wind, an industry in which the UK has built a leading global market share and which is expected to contribute a significant proportion of the UK’s renewable energy capacity build-out in the medium-term.

“In the last few years TRIG and its managers have evaluated several projects in the offshore wind sector, which has matured into a highly sought after institutional investment category.

“TRIG’s partnership on Sheringham Shoal, alongside investors with significant experience in renewables and in broader energy markets, represents an ideal first step for TRIG in this space.”

The deal was first announced in mid-December. Speaking at the time, Hugh Crossley, chief investment officer at Equitix, said: “The transaction represents a great opportunity for Equitix to invest in a sector in the UK that fits well with our core infrastructure strategy. We are committed to investing for the long-term in projects like Sheringham Shoal, which continue to offer our investors predictable yields through stable, long-term cash flows.”

Equitix manages a 2.1GW portfolio of transmission and generation assets which includes investments in solar and onshore wind.

Norway’s state-owned oil company Statoil owns a 40 per cent stake in Sheringham Shoal, whilst the Green Investment Group managed by Australian bank Macquarie holds the remaining 20 per cent.

Shortly before Christmas, Statkraft concluded its planned exit from the offshore wind sector with the sale of its 30 per cent interest in the Dudgeon offshore wind farm to a consortium of investors led by China Resources for £555 million.