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Investment companies to acquire 396-MW German offshore wind farm


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Investment companies to acquire 396-MW German offshore wind farm

Funds managed by U.K. investment company The Renewables Infrastructure Group (UK) Ltd. and Dutch pension investor APG Groep NV are acquiring the 396-MW Merkur offshore wind farm in the German North Sea, the companies announced Dec. 10.

TRIG funds will purchase a 36% equity interest in the project while APG will acquire the remaining 64% ownership stake.

TRIG is advised by Infrared Capital Partners Ltd. as investment manager and Renewable Energy Systems Holdings Ltd. as operations manager. Meanwhile, APG made the acquisition on behalf of its pension fund client ABP.

The facility is being acquired from a consortium of funds managed or advised by Partners Group, DEME Concessions NV, GE Energy Financial Services, ADEME and a private fund separately managed by InfraRed.

Following the deal close, which is expected to occur in the first half of 2020, TRIG plans to sell its interest in the facility to minority co-investors managed by InfraRed Capital Partners, leaving TRIG with only a 25% stake in the project. The investment represents roughly 8% of TRIG's portfolio value.

The Merkur offshore wind farm reached commercial operations in June 2019 and benefits from a feed-in-tariff until June 2033. GE Renewable Energy provides operations and maintenance services to the project under a 10-year contract.