(OE) Greencoat Renewables has completed the acquisition of a 22.5% stake in the Butendiek offshore wind farm in Germany from Marguerite Pantheon.
Developed by wpd, the Butendiek offshore wind farm is located in Germany’s exclusive economic zone in the North Sea.
It sits 32 kilometers west of the island of Sylt, and consists of 80 Siemens Gamesa 3.6 MW turbines, which cover the annual electricity consumption of around 370,000 households. The project has been operational since 2015.
Butendiek benefits from a fixed-price FiT until December 2023. After this period, the project benefits from a floor price for the electricity sold until December 2035, providing the opportunity for exposure to the emerging European Corporate PPA market, Greencoat Renewable said when it first announced the agreed deal in January.
“The acquisition takes Greencoat Renewables’ generation capacity to 1,228 MW and total borrowings to 46% of Gross Asset Value,” Greencoat Renewables said.
Financial details were not disclosed.