- Greencoat Renewables PLC has made an agreement for the purchase of a 22.5% stake in the 288 MW Butendiek offshore wind farm.
- The purchase has now increased Greencoat Renewables’ installed capacity to 1,228 MW.
Greencoat Renewables PLC has revealed that it has made an agreement for the purchase of a 22.5% stake in the 288 MW Butendiek offshore wind farm in the German North Sea. The Farm has been operating since 2015.
The company also made an announcement that the purchase of the 25 MW Taghart wind farm in Ireland has been finalised. The same thing was announced for the 45 MW Kokkoneva wind farm in Finland. Both farms exist under a forward sale commitment.
The company, being managed by Schroders Greencoat, who also invests in wind and solar assets in Ireland and other European markets, is also acquiring the Butendiek stake from alternative investment fund Marguerite Pantheon. While financial details of the acquisition were not released, regulatory approval is still expected to close in the current quarter. The purchase has now increased Greencoat Renewables’ installed capacity to 1,228 MW.
The Butendiek wind farm, which is made up of 80 Siemens Gamesa 3.6-MW turbines, is receiving a fixed-price feed-in tariff (FiT) until December 2023. After that, it will get a floor price for the electricity sold until December 2035, presenting an opportunity to take advantage of the emerging European corporate power purchase agreement (PPA) market, according to the announcement.
“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,” said investment manager Bertrand Gautier.
Butendiek was inaugurated by German renewables developer Wpd AG and its partners in September 2015. In 2017, the project completed a refinancing, raising more than EUR 950 million (USD 1bn) of senior debt from a syndicate of domestic and international banks together with the European Investment Bank (EIB).