Global Infrastructure Partners (GIP) has sold its stake in the 330 MW Gode Wind 1 offshore wind farm to two separate investment firms.
Fund manager Glennmont Partners has purchased a 25 per cent stake in the project, located in the German North Sea, while The Renewables Infrastructure Group (TRIG) will purchase the remaining 25 per cent.
Danish wind developer Ørsted owns the remaining 50 per cent stake in the wind farm, which started operating in early 2017 and is part of the 582 MW Gode Wind 1 and 2 cluster.
The acquisition represents Glennmont’s first investment in the German offshore wind sector and is the first offshore wind investment to be realised from the firm’s €850 million Clean Energy Fund III, which achieved close in June 2019.
“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,” said Joost Bergsma, CEO and Managing Partner of Glennmont Partners.
The transaction is subject to approval by the competition authorities and is expected to be completed in Q3 2019, Gelnnmont said.
TRIG announced in June that it had agreed to acquire a stake in Gode Wind 1 from GIP.
Helen Mahy CBE, Chairman of TRIG, said: “The Board of TRIG is delighted to make the Company's second investment in offshore wind in this important market. Offshore wind has developed into an attractive investment category and has been growing at pace in Germany over the last 4 years. TRIG now has investments in each of the two largest offshore wind markets in the world.”