Ørsted A/S completed the sale of a 50% stake in its 450-MW Borkum Riffgrund 2 offshore wind project to a fund managed by Global Infrastructure Partners, the company announced Dec. 12.
Ørsted, formerly DONG Energy, will build, operate and maintain the wind project, located in the German North Sea, and create a route to market for the power production. The Borkum Riffgrund 2 wind farm is scheduled to come online in 2019.
The transaction, valued at €1.2 billion at the time of announcement, is the second partnership between Ørsted and Global Infrastructure Partners. In 2015, Global Infrastructure Partners acquired a 50% stake in Ørsted's Gode Wind 1 Offshore Wind Farm, also in Germany. That project came online in June.
As part of the deal, Global Infrastructure Partners will issue a rated project bond to a group of investors to a consortium of lenders, including many of the Gode Wind 1 lenders and expands the lender group to include Wiener Städtische Versicherung, DekaBank, NN Investment Partners, Edmond de Rothschild AM's BRIDGE platform and La Banque Postale Asset Management. The consortium was coordinated by Talanx, which also acted as cornerstone lender.
