By Najat Kantouar
Greencoat Renewables said it has reached an agreement to acquire an additional 22.5% stake in the Butendiek offshore wind farm from an affiliate of Siemens Pension Trust, for a total deal value of around 168 million euros ($177.6 million).
The Irish wind-farm and renewable-energy infrastructure investment company said Monday that it expects to make the acquisition together with additional funds managed by Schroders Greencoat LLP, with Greencoat Renewables’ own investment in the deal totaling EUR122 million.
The deal for the North Sea wind farm is expected to be completed in November, subject to regulatory approval. Greencoat initially acquired a 22.5% stake in Butendiek in February.
The company said it has signed a new power purchase agreement with a large multinational for 62.5% of the output of the wind farm for a period of six-and-a-half years. The agreement covers around 700 gigawatt hours a year, which represents one of the largest renewable-energy PPAs in Germany.
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