Vargronn has entered into an agreement to acquire a stake in the operational 288MW Baltic 2 offshore wind farm from PGGM Infrastructure Fund.
Following the deal closing, EnBW and Vargronn will respectively own 50.1% and 27.4% of the project, with the former holding operations and maintenance activities.
Arzteversorgung Westfalen-Lippe, the largest pension fund in Germany, will retain the remaining 22.5% indirect stake in Baltic 2.
The wind farm is located in the German Baltic Sea, 32km north of the Island of Rugen, and started operation in September 2015.
The array has 80 Siemens turbines (3.6MW).
The partnership will provide Vargronn with an opportunity to build operational knowledge and experience in managing offshore wind farms, complementing the existing portfolio of projects under development and construction.
Furthermore, this acquisition marks Vargronn’s entry into Germany, an offshore wind market driven by ambitious government targets and with a strong energy demand outlook.
With a goal of achieving 30GW of offshore wind capacity by 2030, Germany is positioning itself as a one of the European leaders in renewable energy.
“Vargronn is pleased to enter Germany, one of the world’s largest offshore wind markets,” said Vargronn chief executive Stephen Bull.
“This transaction provides Vargronn with a significant platform for further growth and important operational insight in a new market.”