Gulf Energy Development enters deal with Global Infrastructure Partners for the Borkum Riffgrund 2 offshore wind farm stakes

Thai energy company Gulf Energy Development PCL has entered into an agreement with Gulf International Holding Pte Ltd (GIH), a unit of Global Infrastructure Partners (GIP), for the sale of the 50% stake in the 450 MW Borkum Riffgrund 2 offshore wind farm in the German North Sea.

GIP currently owns 50% of the wind farm while the remaining stakes are held by Ørsted A/S. The deal is amounting to EUR558 million (US$629.14 million).

Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co oHG, the holding company of the project, has started the commercial operation of the wind farm in April 2019. It has a 20-year power purchase deal with Ørsted and receives a guaranteed feed-in tariff (FiT) from the government.