Partners Group, together with a consortium, acquired Merkur in August 2016
Dutch pensions group APG has teamed up with InfraRed Capital Partners funds to acquire a 396MW German offshore wind farm for an undisclosed sum.
The €529bn asset manager – which is making the investment on behalf of civil service scheme ABP and its own staff scheme PPF APG – said it is buying a 64% stake in the recently completed Merkur Offshore wind farm in the German North Sea.
The remaining 36% stake will be bought by The Renewables Infrastructure Group (TRIG), a London-listed investment company advised by InfraRed.
Merkur is being acquired from a consortium of shareholders, made up of Partners Group as its largest shareholder, InfraRed Capital Partners, DEME Concessions, GE Energy Financial Services and the French state’s L’Agence de l’environnement et de la maîtrise de l’énergie.
Partners Group, together with the consortium, acquired Merkur in August 2016.
The project benefits from a guaranteed feed-in-tariff until 2033 and has a ten-year operations and maintenance agreement with GE Renewable Energy.
Patrick Kanters, managing director global real assets at APG, said: “As a pension investor, we are continuously looking for attractive, responsible infrastructure investments worldwide that help us realise stable and long-term returns for ABP and other pension fund clients we work for.”
Kanters said the investment in the Merkur Offshore wind farm, on behalf of ABP, fits the core of APG’s strategy.
”Not only do we expect solid returns, it also marks a major step in the growth of our renewable infrastructure portfolio, providing sustainable energy to hundred thousands of households.”
TRIG said it intends to sell-down a share to minority co-investors managed by InfraRed, leaving TRIG with an approximate 25% equity interest in the project.
Helen Mahy, chairman of TRIG, said: “The board of TRIG is delighted to announce the company’s third offshore wind investment and our second investment in Germany.
“We are pleased to be growing our presence in the European offshore wind market which is making an increasingly important contribution to the decarbonisation of energy usage.”
Richard Crawford, of InfraRed Capital Partners, said: “We welcome this opportunity to become co-investors alongside APG, a highly respected investor with a strong track record.
”Building effective relationships with developers, partners and asset managers remains essential for TRIG’s ability to access these attractive larger transactions.”
David Daum, senior vice president, private infrastructure Europe, Partners Group, said: “We are very proud to have supported Merkur through its key value creation period, from development project to fully operational core asset.
“Renewable energy not only continues to be a transformative trend within the infrastructure asset class and an important component of Europe’s future energy security, but it is also a key focus of Partners Group’s infrastructure investment strategy.”
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