NeXtWind is seeking to acquire and rejuvenate older, most likely teenage, wind parks in Germany.
Its goal is to acquire and transform a portfolio in excess of 1GW of end-of-regulatory-life European assets.
With an active M&A pipeline already in place, NeXtWind expects to complete the acquisition of its first sites in the coming weeks.
Acquired sites will either be repowered or undergo lifetime extension works.
The company is currently negotiating framework agreements with some of Europe’s largest utilities in order to facilitate the signature of future Power Purchase Agreements (PPAs).
The move forms part of its strategy to become Europe’s next major green independent power producer (IPP).
Backed by Crestline Investors, Ferd and ARB Investment Partners, the company will work with local communities and partners to bring new life, higher performance and shared benefit to existing sites.
NeXtWind chief executive Ewald Woste said: “The older wind sites tend to have the best locations but the worst efficiencies.
“We’ve assembled the expertise and funding to ensure that these sites are not lost to a diminishing baseline of clean power.
“Indeed, with smart investment and management we expect to double the average wind harvest from these pioneering parks.
“With Germany phasing out coal and nuclear generation, this is important work.”
NeXtWind chief investment officer Lars Meyer added: “The energy transition must keep moving forwards and an increasingly important ingredient to that will be the rejuvenation of Europe’s early green energy parks.
“In Germany alone, we estimate that some 15GW of teenage onshore wind capacity will soon need to navigate today’s market complexities and determine a proactive plan for a future that looks very different to the present.
“It’s an extremely fragmented market in need of consolidation, modernisation and significant investment.”