Greencoat Renewables PLC (LSE:GRP) has agreed to purchase a 22.5% stake in the Butendiek offshore wind farm in Germany from Marguerite Pantheon.
The Irish investment company and sister fund to Greencoat UK said the wind farm consists of 80 3.6MW turbines that have been operational since 2015 and are in Germany’s exclusive economic zone in the North Sea.
Butendiek benefits from a fixed price feed-in tariff until December 2023, after which the project will benefit from a floor price for the electricity sold until December 2035, a statement said.
Greencoat said the deal is expected to close in the first quarter of 2023 and is subject to regulatory approval.
"We are pleased to make this acquisition which consolidates Greencoat Renewables' market position in the German offshore wind sector,” said investment manager Bertrand Gautier.
“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,” Gautier added.
Separately, it also said it completed the acquisitions of the 25MW Taghart wind farm in Ireland and the 45MW Kokkoneva wind farm in Finland, with both assets purchased under a forward sales commitment.