Renewable energy investor Greencoat Renewables has agreed to buy an additional 22.5% stake in the Butendiek offshore wind farm in Germany for about €168m.
Greencoat is buying the stake from an affiliate of Siemens Pension Trust.
The company said the Butendiek investment is subject to regulatory approval and scheduled to complete in November.
Greencoat Renewables originally bought an initial 22.5% stake in Butendiek from Marguerite Pantheon last February.
The wind farm is located in Germany’s exclusive economic zone in the North Sea and consists of 80 Siemens Gamesa 3.6MW turbines that have been operational since 2015.
Butendiek recently entered into a new Power Purchase Agreement (PPA) with a large multinational for 62.5% of the output of the wind farm for a period of six and a half years.
Bertrand Gautier, Investment Manager said, the deal was originated on a bilateral basis and reflects the company’s continued ability to transact rapidly and generate significant shareholder value through selective off-market investments.
“Butendiek also demonstrates Greencoat Renewables’ ability to actively manage its contracted revenue mix by re-contracting assets and capitalising on the increasing demand for renewable energy PPAs from multinational organisations,” he added.