Luxcara has confirmed it is behind Watercant Energy’s successful bid in the recent German offshore wind auction.
The German company’s bidding entity won the rights to build a 270MW offshore wind farm in the North Sea. For the first time in the country, the auction included social and environmental criteria as well as financial considerations.
The N-6.7 site is in an exclusive economic zone next to a cluster of existing offshore wind parks approximately 90km from the island of Borkum. Significant milestones for the site including comprehensive geotechnical and environmental investigations have already been completed, which will allow the project to be connected to the national grid as early as 2028.
“Offshore wind tenders have come a long way from simply being awarded to the highest bidder to now increasingly also taking social and environmental factors into account,” said Luxcara managing partner Alexandra von Bernstorff.
“This more comprehensive auction design suits us well and we are simply delighted to be able to expand our offshore wind activities to our home market. The success demonstrates Luxcara’s ability to give institutional investors access to a highly sought-after asset class in a very competitive market environment.
“We are looking forward to realizing this impactful new project in the North Sea and contributing to Germany’s energy transition.”
The project will be part of a portfolio that Luxcara advises on behalf of institutional investors. Among these are pension funds from Germany, Europe and overseas, creating a positive cycle by investing retirement funds for a better future for the public and the next generation the company said.