Van Oord has completed the sale and transfer of its 10% stake in Blauwwind to Luxcara.
In 2016, the Blauwwind consortium was awarded the concession to design, construct, operate and maintain one of the world’s largest offshore wind farms located at the Borssele III and Borssele IV sites.
The project is comprised of 77 – 9.5MW turbines, with a total installed capacity of 731.5MW, enough to power some 825,000 households.
Van Oord was responsible for the balance of plant works, consisting of the design, engineering, procurement, construction and installation of the foundations and inter-array cables.
Construction started in the second half of 2019 and Van Oord successfully completed installation of the 77 foundations in only six months despite the COVID-19 pandemic.
Turbine installation was completed in November 2020.
As the wind farm is now fully operational, Van Oord chose to divest to recycle capital for future projects.
Van Oord and Luxcara engaged in an accelerated transaction process, with thorough due diligence and negotiations closed within only two months.
The investment gives Luxcara’s investors access to a cash-yielding offshore wind farm that expands the asset manager’s portfolio in line with its growing international institutional investor base.
Luxcara’s deal capabilities and experience in the sector were critical to secure the stake in the high-quality project in the sought-after offshore wind asset class.
Luxcara managing partner Alexandra von Bernstorff said: “We are delighted to add the stake in this landmark offshore wind project to our growing portfolio of renewables projects.
“The deal once again demonstrates our ability to act fast and close transactions with accelerated timelines.”
Van Oord managing director of offshore wind Arnoud Kuis: “We are proud to have been part of this consortium and to have been the selected construction partner.
“Realising the balance of plant works is an important step in the transition to renewable energy.
“We are impressed by the speed and professionalism of the Luxcara team and are confident that the asset manager makes a great partner for the Blauwwind consortium.”