Global Infrastructure Partners invests €1.17bn in offshore wind farm
Global Infrastructure Partners (GIP) is buying 50% of an offshore wind farm in the German North Sea for €1.17bn.
The investment is being made on behalf of Global Infrastructure Partners III, a fund that raised US$15.8bn (€13.5bn) in a final close this year.
The stake in the Borkum Riffgrund 2 Offshore Wind Farm project is being sold by Danish energy provider DONG Energy.
It is the second joint venture between DONG Energy and GIP, which in 2015 bought a 50% stake in the Gode Wind 1 Offshore Wind Farm.
DONG Energy is constructing Borkum Riffgrund 2, which will have a capacity of 450MW and will be able to power more than 460,000 German households annually.
The company will operate and maintain the wind farm, which is expected to be fully commissioned in 2019.
The transaction is subject to approval by competition authorities, and is expected to be completed before the end of the year.
Adebayo Ogunlesi, chairman and managing partner of GIP, said DONG Energy was a recognised leader in the energy sector and the pioneer in the development and operation of offshore wind farms.
“This acquisition underscores GIP’s strategy of investing in superior quality projects and developing long-term strategic partnerships with industry leaders,” he said.