Canadian company Northland Power has agreed to acquire the 252MW Deutsche Bucht offshore wind farm in the German North Sea.
Highland Group Holdings is the current developer of the wind farm now dubbed DeBu, which is located around 95km off the island of Borkum and will require around €1.2bn to build.
Northland will invest roughly C$400m in the wind farm with the balance provdied by project financing and “pre-completion revenues”. Financial close is expected in mid-2017.
Construction is due to start before the end of the year with full operations in 2019. Headline contractors have already been lined up with MHI Vestas supplying and installing V164 turbines (pictured) and Van Oord tackling balance of plant.
DeBu will connect to the 800MW BorWin 2 grid hub which is already in operation.
The wind farm is Northland’s third offshore wind project. Chief executive John Brace said: “We are pleased to add a third solid and robust offshore wind project to Northland’s portfolio.
“Continued growth in the thriving offshore wind sector is an important component of Northland’s strategic development approach.”
Closing of the acquisition is subject to clearing certain conditions precedent which the parties will work to complete over the next several months.
Deutsche Bucht was originally developed by Windreich.
Image: MHI Vestas
