Friday, December 8 2023 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Dec 04
Week of Nov 27
Week of Nov 20
Week of Nov 13
Week of Nov 06
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Greencoat Renewables to invest again in Butendiek offshore wind farm

    October 2, 2023 - SeeNews Renewables


      October 2 (Renewables Now) - Ireland-based investor Greencoat Renewables Plc (LON:GRP) has agreed to make a second investment in the 288-MW Butendiek offshore wind farm in Germany, after acquiring a 22.5% stake earlier this year.

      The Schroders Greencoat LLP-managed firm said on Monday that it is set to buy an additional 22.5% stake from an affiliate of Siemens Pension Trust. The stake is valued at around EUR 168 million (USD 177.8m).

      More specifically, Greencoat Renewables expects to participate in the investment together with other funds managed by Schroders Greencoat by taking 72% of the 22.5% stake acquired from the Siemens Pension Trust affiliate. Greencoat Renewables’ share of the investment is expected to reach EUR 122 million, according to Monday’s announcement.

      The latest agreement follows Greencoat Renewables’ initial 22.5% stake acquisition from alternative investment fund Marguerite Pantheon for an undisclosed amount.

      The Butendiek wind farm is located in the German exclusive economic zone in the North Sea. Its 80 3.6-MW Siemens Gamesa turbines have been in operation since 2015.

      The wind farm will benefit from a fixed-price feed-in tariff (FiT) until December 2023. As of recently, Butendiek has a power purchase agreement (PPA) in place with a “large multinational” for 62.5% of the total output, equivalent to around 700 GWh per year, Greencoat said. The PPA will run for six and half years.

      Greencoat’s new investment in Butendiek requires regulatory approval. The firm expects to finalise the transaction in November 2023.

      (EUR 1.0 = USD 1.059)


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.