The Race Bank offshore wind farm in the U.K. is officially open, Danish renewable energy business Orsted announced.

Situated off England's North Norfolk coast, the 91 turbine facility can produce 573 megawatts (MW) of electricity and is capable of powering more than 500,000 homes, according to Orsted, which described the facility as the fifth-largest offshore wind farm in the world.



"Race Bank is a fantastic infrastructure project and underlines Orsted's contribution to the U.K.'s energy transition," Matthew Wright, Orsted U.K.'s managing director, said in a statement.



"Powering over half a million homes every year, Race Bank is another positive step towards delivering the U.K.'s decarbonized energy system of the future," Wright went on to add.



Orsted owns 50 percent of the Race Bank project, which covers an area 75 kilometers squared. The Macquarie European Infrastructure Fund 5 owns 25 percent, while the Sumitomo Corporation owns 12.5 percent. Funds advised by the Green Investment Group, Arjun Infrastructure Partners and Gravis Capital Management own the remaining 12.5 percent.



Europe is now home to more than 4,000 offshore wind turbines across 11 countries, according to trade body WindEurope. Thirteen new offshore wind farms were completed in 2017, with the U.K. and Germany accounting for the majority of these. The U.K. installed 1.7 GW of offshore wind last year, while Germany was responsible for 1.3 GW.