DUBLIN, IRELAND: Greencoat Renewables has signed an agreement to acquire 22.5% of the Butendiek offshore wind farm in Germany from Marguerite Pantheon.
The wind farm is located in Germany’s exclusive economic zone in the North Sea and consists of 80 Siemens Gamesa 3.6MW turbines that have been operational since 2015. Butendiek benefits from a fixed-price 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 subject to regulatory approval and is expected to close in Q1 2023.
Separately, Greencoat Renewables has now completed the acquisition of the 25MW Taghart wind farm in Ireland as well as the 45MW Kokkoneva wind farm in Finland. Both assets were acquired under a forward 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 pleased to make this acquisition which consolidates Greencoat Renewables’ market position in the German offshore wind sector. This acquisition will also contribute to the diversification of Greencoat Renewables’ European portfolio whilst bringing further strong contracted cash flows.
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.”