The European Commission has approved the acquisition of sole control over Veja Mate Offshore Project GmbH by Siemens Project Ventures.
Veja Mate Offshore Project operates an offshore windfarm with a capacity of 402 MW in the German North Sea.
The Commission concluded that the proposed acquisition would raise no competition concerns given that Siemens already jointly controlled Veja Mate prior to the transaction.
The change was approved under the EU merger regulations and the transaction was examined under the simplified merger review procedure.
Veja Mate achieved first power in January 2017, approximately 18 months after financial close, when the first 6 MW turbine started supplying the German grid with electricity, two months ahead of schedule.
Another 66 turbines were subsequently installed on the windfarm, with completion in mid-2017. The project uses Siemens Gamesa SWT-6.0-154 turbines.
The project was originally owned by Highland Group Holdings Ltd, Siemens Financial Services and Copenhagen Infrastructure II K/S (managed by Copenhagen Infrastructure Partners). Bank financing was completed on 1 July 2015. Construction started on 4 April 2016 and the project was fully operational by the end of 2017.
Siemens Project Ventures is a private equity and venture capital firm specialising in equity investments. It has invested in a wide range of projects including power generation, telecommunications, energy, healthcare, and transport.