A consortium of funds managed and/or advised by Partners Group, InfraRed Capital Partners, DEME Concessions, GE Energy Financial Services and ADEME has signed an agreement to sell Merkur Offshore GmbH, one of the largest operational windfarms in Germany
The windfarm is being acquired by APG, the Dutch pension investor and The Renewables Infrastructure Group Limited (known as TRIG), the FTSE 250 London-listed investment company advised by InfraRed Capital Partners.
Merkur Offshore GmbH is a Hamburg-based company responsible for developing the 396-MW Merkur offshore windfarm, which was built 45 km north of Borkum Island in the German North Sea.
The project, which uses 66 General Renewable Energy Haliade-150 6-MW offshore wind turbines, was fully commissioned in June 2019. It benefits from a guaranteed feed-in-tariff until 2033 and has a 10-year operation and maintenance agreement with GE Renewable Energy to service and maintain the turbines.
The transaction is subject to regulatory approval and consent from lenders and is expected to close in H1 2020.
Announcing the deal, DEME said the transaction could lead to a potential capital gain of more than €50M (US$55M), depending on the final closing date. BofA Securities acted as exclusive financial adviser to the selling consortium.