Fund manager Nuveen Infrastructure has announced its acquisition of a 15% stake in the 731MW Borssele 3&4 offshore wind farm in the Netherlands from Partners Group.
The investment is the second from the Nuveen European Core Renewable Infrastructure (NECRI) strategy, launched in September 2022 in partnership with Dutch investor MN, on behalf of its client PMT. NECRI is an evergreen strategy investing in renewable projects on brownfield sites across Europe, including the Netherlands, UK, France, Spain, Italy, the Nordics, Germany and other Benelux countries.
The transaction will see the fund acquire 15% of the 731.5MW project located 22km offshore the Zeeland province, which has been in operations since fourth quarter 2021. The farm consists of 77 Vestas V164-9.5MW turbines and benefits from a 15-year SDE+ subsidy from the Dutch government.
The deal combines Nuveen infrastructure’s 15-year track record of investing in renewable energy with MN’s considerable experience in asset management and socially responsible investment in the Netherlands and beyond.
“We’re delighted to complete our second investment from the NECRI strategy, and to be investing in the Netherlands,” said Glennmont Partners chief executive from Nuveen Joost Bergsma. “The Dutch offshore wind market is a key target region for our business and Borssele 3&4 fits well with our brownfield renewable infrastructure investment strategy. Partners Group have extensive experience in the renewable energy sector globally and we’re proud to work with them on this deal.
“We look forward to continuing the strategy, in partnership with MN, building on this success and seizing on investment opportunities across Europe.”
MN principal portfolio manager Sebastiaan Ranner added: “The investment in Borssele 3&4 aligns perfectly with the fund’s strategy, delivering both promising returns and supporting our client PMT’s commitment to advancing the energy transition. Wind farms such as Borssele are crucial operating assets that meet the growing demand for renewable energy in the Netherlands.”