Siemens Financial Services has sold its 20% stake in the Veja Mate offshore wind farm in the North Sea to existing shareholders Commerz Real, Ingka Group and KGAL.
Commerz Real said it is investing €70m, via the Commerz Real Institutional Infrastructure Offshore Fund, to acquire the additional stake, adding that it will now hold a 36% stake in the 402MW wind park as the largest shareholder.
Ingka said it will invest €62m to increase its shareholding in Veja Mate wind park to 33%.
KGAL said its investment is being made through the KGAL ESPF 4 renewable energy fund.
In February 2019, a consortium including Commerz Real, Ingka Group and KGAL acquired around 80% of the shares in the German offshore wind farm in a deal worth more than €2bn.
Michael Ebner, managing director and head of sustainable infrastructure at KGAL Investment Management, said: “The investment has so far fully met our high expectations, and our investors are participating in attractive, well predictable returns. We are therefore pleased to have the opportunity to further increase our stake.”
Yves-Maurice Radwan, the head of green deal infrastructure at Commerz Real, said: “The strategic increase in this successful investment is particularly attractive for us and our investors.
“With its stable long-term earnings and high cash return flows Veja Mate has an optimum risk-return ratio and is making a contribution to mitigating climate change.”
Frederik de Jong, the head of renewable energy at Ingka Investments, said: “By increasing our investment to 33%, alongside our consortium partners Commerz Real, KGAL, and ALH Group, we are taking a further step towards becoming climate positive. Once the feed-in tariff expires, Ingka Investments aims to make its part of the energy produced available to value-chain partners of the Ingka Group.
“Investing in offshore wind is part of our activities to both support the financial strength of the company and contribute to our climate-positive ambition.”
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