Investor group acquires remaining 20% stake in 402-MW German offshore wind farm

A consortium comprising Commerz Real AG, Ingka Holding BV and KGAL GmbH & Co. KG has acquired the remaining 20% stake in the 402-MW Veja Mate offshore wind farm in Germany from Siemens Financial Services GmbH.

In February 2019, a consortium consisting of asset manager Commerz Real; Ingka Holdings, the parent company of global retailer IKEA; asset manager KGAL; and ALH Group indirectly purchased an 80% stake in the wind farm, according to a July 6 news release from KGAL. The current investment is part of KGAL's renewable energy fund KGAL ESPF 4.

In a separate statement, Ingka Holdings said it was increasing its ownership share in the wind farm to 33% at a cost of €62 million.

Veja Mate is the third-largest offshore wind farm in Germany and started commercial operation in 2017. It comprises 67 wind turbines capable of supplying the power needs of 450,000 households per year. Siemens Gamesa Renewable Energy provides technical maintenance through a full-service agreement.

The facility also benefits from a fixed renewable energy feed-in tariff provided by Germany's renewable energies act, or EEG 2014, until the end of 2029.

Ingka Holdings operates the Veja Mate wind farm, according to S&P Global Market Intelligence data.

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