A consortium of funds managed by Commerz Real, WPD Invest, KGAL and Ingka Group is to take an 80% stake in the 402MW Veja Mate offshore wind farm in the German North Sea.
Current shareholders Copenhagen Infrastructure Partners, Highland Group and Siemens Financial Services have entered into an agreement with the consortium for the sale.
Under the terms of the deal, Siemens Financial Services will retain a 20% interest in the project and CIP’s CI-II fund will remain a lender to Veja Mate.
CIP partner Michael Hannibal said: “After financial close of the Veja Mate project in June 2015 and the subsequent delivery of the 402MW offshore wind farm four months ahead of schedule and below budget, the divestment of CI-II’s 23.4% ownership stake has been a good opportunity for CIP and its investors to realise part of its investment in Veja Mate.
“CI-II continues to be a debt provider to the project company, which provides a long-term stable cash flow to its investors.”
Law firm Watson Farley & Williams advised the consortium of buyers on the deal.
WFW said that together with the existing project financing taken up by Veja Mate, the transaction volume for the project totals about €2.3bn.
FIH Partners, Green Giraffe and CMS Hasche Sigle provided advice on the deal to the existing shareholders in the project.
Veja Mate features 67 Siemens Gamesa 6MW turbines and has been fully operational since 2017.