Greencoat Renewables to acquire 23% stake in 288 MW Offshore wind farm in Germany

Greencoat Renewables has agreed to acquire an additional 22.5% stake in the 288 MW Butendiek offshore wind farm in the German North Sea from an affiliate of Siemens Pension Trust.

The transaction consideration for the stake is around EUR168 million (USD176 million). This acquisition will be funded jointly by Greencoat Renewables and Schroders Greencoat, with Greencoat Renewables contributing EUR122 million (USD127 million). In February 2023, Greencoat Renewables initially acquired a 22.5% stake in Butendiek from Marguerite Pantheon. Butendiek has recently secured a new power purchase agreement (PPA) covering 62.5% of its output for approximately 700 GWh annually, spanning six and a half years. The completion of the Butendiek investment, contingent on regulatory approval, is expected in November 2023. Following this acquisition, Greencoat Renewables' total borrowings will be at 48% of Gross Asset Value.

The wind farm is located in Germany's exclusive economic zone in the North Sea and consists of 80 Siemens Gamesa 3.6 MW turbines that have been operational since 2015.