DUBLIN, IRELAND: Greencoat Renewables has signed an settlement to purchase 22.5% of the Butendiek offshore wind farm in Germany from Marguerite Pantheon.
The wind farm is found in Germany’s unique financial zone within the North Sea and consists of eighty Siemens Gamesa 3.6MW generators which have been operational since 2015. Butendiek advantages from a fixed-price FiT till December 2023.
After this period, the project advantages from a floor price for the electrical energy sold till December 2035, offering the chance for publicity to the rising European Corporate PPA market. The transaction is topic to regulatory approval and is anticipated to shut in Q1 2023.
Separately, Greencoat Renewables has now accomplished the acquisition of the 25MW Taghart wind farm in Ireland in addition to the 45MW Kokkoneva wind farm in Finland. Both assets were acquired under a ahead sale commitment.
Post-acquisition of Butendiek, Greencoat Renewables’ total borrowings will stand at c. 47% of Gross Asset Value.
Bertrand Gautier, Investment Manager said: “We are happy to make this acquisition which consolidates Greencoat Renewables’ market place within the German offshore wind sector. This acquisition will additionally contribute to the diversification of Greencoat Renewables’ European portfolio while bringing additional strong contracted money flows.
The acquisition of Butendiek demonstrates Greencoat Renewables’ dedication to the European offshore wind sector, which performs an increasing role in offering cost-competitive, decarbonated and dependable electricity. We believe the sector will proceed to supply attractive funding alternatives within the shut to future.”