Greencoat Renewables has reached an agreement to acquire a stake in the 288MW Butendiek offshore wind farm, off Germany.
The investor is acquiring a 22.5% stake in the asset from Marguerite Pantheon.
Marguerite’s intention to sell the shares was first reported in the 2 June 2022 subscriber-only edition of reNEWS.
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 transaction is subject to regulatory approval and is expected to close in the first quarter of this year.
Michael Dedieu, Managing Partner at Marguerite and chairman of the Butendiek board, said: “Marguerite, a pioneer in offshore wind investment, has been instrumental since the late development phase of Butendiek in 2012 in putting together a strong group of investors to successfully implement the project and get it through the construction phase and the first seven years of operation.
“This project provides significant benefits towards German/EU goals of CO2 emissions reduction and security of electricity supply.
“This transaction successfully demonstrates our strategy of working alongside experienced partners and actively managing high-quality and sustainable infrastructure assets to deliver attractive returns to our investors.”
Separately, Greencoat Renewables has now completed the acquisition of the 25MW Taghart wind farm in Ireland as well as the 45MW Kokkoneva wind farm in Finland.
Both assets were acquired under a forward sale commitment.
Post-acquisition of Butendiek, Greencoat Renewables’ total borrowings will stand at 47% of gross asset value.
Bertrand Gautier, Investment Manager, said: “We are pleased to make this acquisition which consolidates Greencoat Renewables’ market position in the German offshore wind sector.
“This acquisition will also contribute to the diversification of Greencoat Renewables’ European portfolio whilst bringing further strong contracted cash flows.
“The acquisition of Butendiek demonstrates Greencoat Renewables’ commitment to the European offshore wind sector, which plays an increasing role in providing cost-competitive, decarbonised and reliable electricity.
“We believe the sector will continue to offer attractive investment opportunities in the near future.”