Irish Investor Buys Stake in German Offshore Wind Farm

Irish investment company Greencoat Renewables PLC has announced an agreement to acquire 22.5 per cent of the Butendiek offshore wind farm in Germany from Marguerite Pantheon.

The 288 MW Butendiek offshore wind farm comprises 80 Siemens SWT 3.6-120 turbines located some 32 kilometres west of the island of Sylt.

The wind farm has been operating at full capacity since the summer of 2015.

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Butendiek benefits from a fixed-priced FiT until December 2023. After this period, the project benefits from a floor price for the electricity sold until December 2035, providing the opportunity for exposure to the emerging European Corporate PPA market.

The transaction is expected to close in the first quarter of 2023.

“The acquisition of Butendiek demonstrates Greencoat Renewables’ commitment to the European offshore wind sector, which plays an increasing role in providing cost-competitive, decarbonated and reliable electricity. We believe the sector will continue to offer attractive investment opportunities in the near future“, said Bertrand Gautier, investment manager.

In April last year, Greencoat Renewables also signed an agreement to acquire 50 per cent of the 312 MW Borkum Riffgrund 1 offshore wind farm in Germany for a total cash consideration of around EUR 350 million.

This was the first investment into an offshore wind project for Greencoat Renewables, as well as the company’s first investment in Germany.

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