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    Greencoat Renewables to acquire 22.5% stake in German wind farm

    Greencoat Renewables, which is concentrating on growing its European portfolio, has concluded a deal to purchase a stake in the 288MW Butendiek offshore wind farm off the coast of Germany.


    Marguerite Pantheon is selling the investor a 22.5% interest in the asset.


    The 80 Siemens 3.6 megawatt turbines that make up the wind farm have been running since 2015. A feed-in-tariff (FiT) with a set price is presently in effect and will last until the end of the year for Butendiek.


    This tariff is a payment for power that comes from a renewable energy source and enters the supply grid.


    According to Greencoat Renewables, the deal is pending regulatory approval and is anticipated to close in the first quarter of the year.


    After the investment in Butendiek in Germany, the company’s total borrowings will now be close to 47 percent of gross asset value.


    Separately, the business has finished buying the 45 megawatt Kokkoneva wind farm in Finland and the 25 megawatt Taghart wind project in Cavan.


    According to Greeencoat Renewables, both acquisitions were made as part of a forward selling obligation.


    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.”


    The business declared a profit after tax of €75 million for the six months that ended on June 30 in September, up from €22.7 million in the same period prior year.


    The period’s revenue was €143 million.


    1,127 gigawatt hours of electricity were produced by Greencoat Renewables’ investments in the first half of 2022, compared to 745 gigawatt hours during the same period in 2021.


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