Gulf Energy completes purchase of 50% stake in 464.8 MW Borkum Riffgrund 2 offshore wind project in the North Sea

Gulf Energy Development has finalized the acquisition of a 50% stake in the Borkum Riffgrund 2 offshore wind farm located off the coast of Germany. The purchase of the stake from Global Infrastructure Partners was valued at EUR558 million (US$651.4 million), and was first announced in July 2020.

Ørsted will continue to own the remaining 50%.

Located in the German North Sea, northwest of Germany, Borkum Riffgrund 2 has commenced commercial operation in April 2019. The project consists of 56 units of MHI Vestas’ 8 MW wind turbines with rotor spans of 164 meters. It will produce green energy to cover the consumption of 460,000 German households. 

It has been selling its ouput under a 20-year contract with power purchase agreement (PPA) and has an operation and maintenance (O&M) agreement with Ørsted.