Greencoat Renwables has completed its acquisition of a minority stake in the 288MW Butendiek offshore wind farm (pictured) in Germany.
The investor bought a 22.5% stake in the project from Marguerite Pantheon.
The wind farm is located in Germany’s exclusive economic zone in the North Sea and consists of 80 Siemens Gamesa 3.6MW turbines that have been operational since 2015.
Butendiek benefits from a fixed-price FiT until December 2023.
After this period, the project benefits from a floor price for the electricity sold until December 2035, providing the opportunity for exposure to the emerging European corporate PPA market.
The acquisition takes Greencoat Renewables’ generation capacity to 1228MW and total borrowings to 46% of Gross Asset Value.