Greencoat Renewables to Take Another Slice of German Offshore Wind Farm

Project Updates

October 3, 2023, by Adnan Memija

Ireland-based Greencoat Renewables has signed an agreement to acquire an additional 22.5 per cent stake in the 288 MW Butendiek offshore wind farm in Germany from an affiliate of Siemens Pension Trust.

The transaction, expected to be completed in November, is valued at around EUR 168 million.

Greencoat Renewables originally acquired an initial 22.5 per cent stake in Butendiek from Marguerite Pantheon in February this year.

The second transaction Greencoat expects to make together with additional funds managed by Schroders Greencoat LLP, with the company’s total investment expected to be EUR 122 million (72 per cent of the 22.5 per cent stake from an affiliate of Siemens Pension Trust).

The Butendiek offshore wind farm is located in Germany’s exclusive economic zone in the North Sea.

The project features 80 3.6 MW Siemens Gamesa wind turbines that have been operational since 2015.

According to Greencoat Renewables, Butendiek recently entered into a new Power Purchase Agreement (PPA) with a “large multinational” for 62.5 per cent of the total output, equivalent to around 700 GWh per year. The PPA will run for six and a half years.

When it comes to Greencoat Renewables, the company’s first investment in an offshore wind project and the first investment in Germany was in the Borkum Riffgrund 1 offshore wind farm.

In April last year, the firm signed an agreement to acquire 50 per cent of the 312 MW project for a total cash consideration of around EUR 350 million.