Greencoat Renewables acquires stake in German offshore wind farm

Greencoat Renewables, an Irish renewable investment group, has agreed to acquire Marguerite Pantheon’s 22.5 per cent ownership in the Butendiek offshore wind farm in Germany. The Butendiek offshore wind plant, which contains 80 Siemens Gamesa turbines and is situated in Germany’s exclusive economic zone in the North Sea, has been in operation since 2015. The project will benefit from a floor price for the electricity sold up until December 2035 after being subject to fixed-price feed-in tariffs through the end of this year. The deal should be completed in the first quarter of 2023.

In a separate development, Greencoat Renewables has acquired the 45 MW Kokkoneva wind farm in Finland and the 25 MW Taghart wind farm in Ireland. According to the company, the two wind farms were purchased through a forward sale obligation. Greencoat’s total installed capacity is now more than 1.2GW as per the agreement.

In August 2022, Greencoat UK Wind completed the acquisition of a 12.5 per cent stake in the 1.2 GW Hornsea One offshore wind farm. In May 2022, UKW and Global Infrastructure Partners (GIP) reached an agreement for UKW to acquire the stake in the offshore wind facility from GIP for a cash payment of $490 million.