Gulf Energy Development Public Company Limited’s subsidiary Gulf International Holding Pte Ltd has entered into a share purchase agreement with Global Infrastructure Partners to acquire 100% of the shares of Borkum Riffgrund 2 Investor Holding in Germany
Borkum Riffgrund 2 Investor Holding owns a 50% interest in the Borkum Riffgrund 2 offshore windfarm. The company’s total investment amounts to €548M (US$618M). The remaining 50% of the interest is held by Ørsted.
The offshore windfarm has an installed capacity of 464.8 MW and commenced commercial operations in April 2019. The project has a power purchase agreement and operation and maintenance agreement with Ørsted for 20 years and will receive a guaranteed feed-in-tariff backed by the German Government for the first 9.5 years of operation.
In a statement, the Thai company said it intends to expand further into the renewable energy sector. It said the transaction will allow it to enter into to a strategic partnership with Ørsted and could form the basis of further collaboration between the companies.
The transaction is subject to customary closing conditions, in particular the receipt of required regulatory approvals, and is expected to complete in H2 2020.