Monday 1 July 2019

Glennmont to buy 25% stake in German offshore wind farm

Glennmont to buy 25% stake in German offshore wind farm

Fund manager Glennmont Partners is to buy a 25% stake in the Gode Wind 1 Offshore Wind Farm in Germany.

The acquisition is from Global Infrastructure Partners II (GIP II) and is Glennmont's first offshore wind investment to be realised from its €850 million (£755m) Clean Energy Fund III, which achieved its final close in June.

Gode Wind 1 has a total capacity of 330MW, currently being held in a 50/50 joint venture between GIP II and Ørsted.

The deal is subject to approval by the competition authorities and is expected to be completed in the third quarter of 2019.

Joost Bergsma, CEO and Managing Partner at Glennmont said: “We are delighted to announce this important transaction as Glennmont’s first investment in the German offshore wind market and to be partnering with Ørsted, a recognised leader in the sector.

“Gode Wind 1 represents a high-quality offshore wind asset supported by a demonstrable track record of cash flow generation to deliver value for our investors.”

Written by

Bruna Pinhoni

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