Glennmont Partners (“Glennmont”) has entered into an agreement to acquire a 25% stake in the Gode Wind 1 offshore wind farm in Germany from current 50% owner Global Infrastructure Partners II (“GIP II”), a fund managed by Global Infrastructure Partners (“GIP”). The acquisition is the first offshore wind investment to be realised from Glennmont’s €850m Clean Energy Fund III, which achieved its final close in June.
Gode Wind 1 is a 330 MW operating offshore wind farm in the German North Sea, currently being held in a 50/50 joint-venture between GIP II and Ørsted, a Denmark-listed global offshore wind leader. In addition to Ørsted’s 50% ownership in the wind farm, it provides operations and maintenance services and a route to market for the power production.
The transaction is subject to approval by the competition authorities and is expected to be completed in Q3 2019.
The announcement follows The Renewables Infrastructure Group Limited (“TRIG”), a London-listed investment company advised by InfraRed Capital Partners, announcing earlier this month that it has agreed to acquire GIP’s remaining 25% stake in the project. Following Glennmont’s acquisition the wind farm will be held by Ørsted (50%), TRIG (25%, subject to completion) and Glennmont (25%).
Joost Bergsma, CEO and Managing Partner of Glennmont Partners, said: “We are delighted to announce this important transaction as Glennmont’s first investment in the German offshore wind market and to be partnering with Ørsted, a recognised leader in the sector. Gode Wind 1 represents a high-quality offshore wind asset supported by a demonstrable track record of cash flow generation to deliver value for our investors.”
January 19, 2021