The Renewables Infrastructure Group Limited (TRIG) has agreed to acquire a 25% interest in the 330MW Gode Wind 1 wind farm in the German North Sea.
The investment is being acquired from Global Infrastructure Partners as part of their divestment of their 50% stake in the underlying project, TRIG said.
Following the completion of the transaction, Gode Wind 1 would represent approximately 8% of TRIG’s portfolio and increase its capacity to 1,446MW.
The Gode Wind I project ”has established a strong track record since operations commenced in February 2017 and benefits from an attractive Feed-In Tariff,” TRIG said.
The wind farm was developed and constructed by Ørsted who will continue to own 50% of the equity and also provide Operations & Maintenance services under a 20-year contract.
Gode Wind 1, part of the 582MW Gode Wind 1 and 2 cluster, comprises 55 Siemens Gamesa 6MW turbines. The project is supported by a Feed-in-Tariff until November 2027, followed by a floor price for a further 10 years.
TRIG’s investment, which is subject to lender consent and competition clearance, will be financed from a combination of the proceeds of its recent fund raise and a drawdown of the Group’s revolving acquisition facility.
Helen Mahy CBE, Chairman of TRIG, said: “The Board of TRIG is delighted to make the Company’s second investment in offshore wind in this important market. Offshore wind has developed into an attractive investment category and has been growing at pace in Germany over the last 4 years. TRIG now has investments in each of the two largest offshore wind markets in the world.”
TRIG is advised by InfraRed Capital Partners as Investment Manager and Renewable Energy Systems (RES) as Operations Manager.