Greencoat Renewables enters deal to acquire 50% stake in 312 MW Borkum Riffgrund 1 offshore wind project

Irish investment company Greencoat Renewables PLC has signed an agreement to acquire a 50% stake in the 312 MW Borkum Riffgrund 1 offshore wind park project located off the northwest coast of Germany.

Greencoat will purchase the interest in the project from Kirkbi A/S (31.5%) and William Demant Invest A/S (18.5%) for an all-cash transaction of about EUR350 million (US$384.14 million). Ørsted A/S will keep its 50% share in the project and will continue to operate and maintain the project under a long-term contract. 

The deal is subjected to pending regulatory approval with closing expected by the second quarter of 2022. The wind farm has been in operation since 2015 and secured a fixed-price contract for difference (CfD) that will expire in September 2024.