Irish investment firm Greencoat Renewables has sealed a deal to acquire 22.5% of the 288 MW 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 3.6 MW 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 expected to close in the first quarter of 2023.
Bertrand Gautier, investment manager said the acquisition consolidates Greencoat Renewables’ market position in the German offshore wind sector and contributes to the diversification of its European portfolio. “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,” he noted.
In April last year, Greencoat also agreed to acquire 50% of the Borkum Riffgrund 1 offshore wind farm in Germany for a total cash consideration of around €350m ($370m). The deal was the company’s first offshore transaction in the German market.
