A consortium comprising of funds managed and/or advised by Partners Group (50%), InfraRed Capital Partners (25%), DEME Concessions (12.5%), GE Energy Financial Services (6.25%) and ADEME, acting on behalf of France “Investments for the Future” programme (6.25%) announced today that it has signed an agreement to sell 100% of Merkur Offshore GmbH, one of the largest operational wind farms in Germany, to APG, the Dutch pension investor and The Renewables Infrastructure Group Limited (“TRIG”) , the FTSE 250 London-listed investment company advised by InfraRed Capital Partners.
Merkur Offshore GmbH is a Hamburg-based company which has been responsible for the planning and construction of a 396-MW offshore wind farm located c. 45 kilometres north of Borkum Island in the German North Sea. The project comprising of 66 General Electric (“GE”) Haliade-150 6-MW offshore wind turbines was fully commissioned in June 2019. The project benefits from a guaranteed Feed-in-Tariff until 2033 and has a 10-year O&M agreement with GE Renewable Energy for the service and maintenance of the turbines.
The transaction is subject to customary regulatory approvals and consent from lenders, and is expected to close in H1 2020. DEME adds that the transaction could lead to a potential capital gain for them of more than €50 mio, still depending on the final closing expected in 2020.
BofA Securities acted as exclusive financial adviser to the selling consortium.