Dublin and London-listed Greencoat Renewables has acquired a 22.5% stake in the Butendiek offshore wind farm in Germany from Marguerite Pantheon.
The wind farm, located in Germany's exclusive economic zone in the North Sea, consists of 80 Siemens Gamesa 3.6MW turbines and has been operational since 2015.
The transaction is subject to regulatory approval and is expected to close before the end of the first quarter.
Butendiek has a fixed-price feed-in tariff (FiT) until December 2023, after which the project will sell electricity at a floor price until December 2035, giving the operators exposure to the European corporate power purchase agreements (PPA) market.
"We are pleased to make this acquisition which consolidates Greencoat Renewables' market position in the German offshore wind sector," said Bertrand Gautier, investment managet at Greencoat Renewables.
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"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."
Separately, Greencoat Renewables has completed the acquisitions of the 25MW Taghart wind farm in Ireland and the 45MW Kokkoneva wind farm in Finland under forward sale commitments.
Following the Butendiek acquisition, Greencoat Renewables' total borrowings will stand at c. 47% of gross asset value, up from 42% (€898.7m) at the end of June.
For the six-month period ending last June, the group generated 1,127GWh of electricity and reported net cash generation of €92.1m while increasing its portfolio of 28 wind farms with acquisitions in Ireland, Germany and Spain.
Greencoat last April raised €281.5m in a share placing that was oversubscribed.
(Pic: Getty Images)
