Glennmont Buys Into German Offshore Wind Farm

UK-based fund manager Glennmont Partners has entered into an agreement with Global Infrastructure Partners (GIP) to acquire a 25% stake in the Gode Wind 1 offshore wind farm in Germany.

The acquisition is the first offshore wind investment to be realised from Glennmont’s EUR 850 million Clean Energy Fund III, which achieved its final close in June.

Gode Wind 1 is a 330MW operating offshore wind farm in the German North Sea, currently being held in a 50/50 joint-venture between Global Infrastructure Partners II, a fund managed by GIP, and Ørsted.

In addition to Ørsted’s 50% ownership in the wind farm, it provides operations and maintenance services and a route to market for the power production.

The transaction is subject to approval by the competition authorities and is expected to be
completed in the third quarter of 2019.

The announcement follows The Renewables Infrastructure Group Limited (TRIG), a London-listed investment company advised by InfraRed Capital Partners, announcing earlier this month that it has agreed to acquire GIP’s remaining 25% stake in the project.

Following Glennmont’s acquisition the wind farm will be held by Ørsted (50%), TRIG (25%, subject to
completion), and Glennmont (25%).

Joost Bergsma, CEO and Managing Partner of Glennmont Partners, said: “We are delighted to announce this important transaction as Glennmont’s first investment in the German offshore wind market and to be partnering with Ørsted, a recognized leader in the sector. Gode Wind 1 represents a high-quality offshore wind asset supported by a demonstrable track record of cash flow generation to deliver value for our investors.”

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.

Photo: Ørsted