(Alliance News) - Greencoat Renewables PLC on Monday said it will buy an additional 23% stake in the
Butendiek offshore wind farm from a Siemens Pension Trust affiliate for EUR168 million.
The Dublin-based investor, which backs euro-denominated renewable energy infrastructure assets, will complete the acquisition with additional funds managed by Schroders Greencoat LLP. This brings its total investment to EUR122 million.
Greencoat expects the investment to be completed next month, but said it is subject to regulatory approval.
It had originally acquired an initial 23% stake in Butendiek from Marguerite Pantheon in February 2023.
The wind farm is located in Germany's exclusive economic zone in the North Sea and consists of 80 Siemens Gamesa 3.6 megawatt turbines that have been operational since 2015.
Investment Manager Bertrand Gautier said: "We are delighted to further increase our investment in Butendiek at a value that is accretive to net asset value. The transaction was originated on a bilateral basis and reflects the company's continued ability to transact rapidly and generate significant shareholder value through selective off-market investments."
Shares in Greencoat were down 1.4% at EUR0.95 each in London on Monday morning.
By Sabrina Penty, Alliance News reporter
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Greencoat Renewables (GRP)