Nuveen Buys Stake in Dutch Offshore Wind Farm

Wind Farm Update

July 10, 2023, by Adnan Memija

Nuveen Infrastructure has announced an investment that will see the company acquire a 15 per cent stake in the 731.5 MW Borselle 3 and 4 offshore wind farm in the Netherlands from Partners Group.

The transaction will see the fund acquire 15 per cent of the 731.5 MW offshore wind project located 22 kilometres off the Zeeland province in the Netherlands, which has been in operation since the fourth quarter of 2021.

The wind farm was built by the Blauwwind consortium, whose shareholders are Partners Group, Shell, Eneco, DGE, and Van Oord.

The first of the project’s 77 MHI Vestas 9.5 MW turbines was installed at the site at the end of May 2020, and the first power was produced in August. By the end of November 2020, all the wind turbines were in place.

The wind farm is expected to produce roughly 3,000 GWh of electricity per year, which is equivalent to the annual power use of 825,000 Dutch households.

The investment is the second from the Nuveen European Core Renewable Infrastructure (NECRI) strategy, launched in September 2022 in partnership with Dutch investor MN, on behalf of its client PMT.

NECRI is an evergreen strategy investing in renewable projects on brownfield sites across Europe, including the Netherlands, UK, France, Spain, Italy, the Nordics, Germany and other Benelux countries.

“We’re delighted to complete our second investment from the NECRI strategy, and to be investing in the Netherlands. The Dutch offshore wind market is a key target region for our business and Borssele III/IV fits well with our brownfield renewable infrastructure investment strategy. Partners Group have extensive experience in the renewable energy sector globally and we’re proud to work with them on this deal”, said Joost Bergsma, CEO at Glennmont Partners from Nuveen.