TRIG, APG Buy Merkur
Dutch pension investor APG and UK-based The Renewables Infrastructure Group (TRIG) have agreed to acquire the Merkur offshore windfarm.
TRIG will acquire a stake of around 36% in the 396-MW Merkur farm in the German North Sea, while APG has agreed to buy the remaining 64%.
A consortium comprising of funds managed and/or advised by Partners Group (50%), InfraRed Capital Partners (25%), DEME Concessions (12.5%), GE Energy Financial Services (6.25%) and ADEME, acting on behalf of France “Investments for the Future” program (6.25%) announced that it has signed an agreement to sell 100% of Merkur Offshore GmbH.
The project comprising of 66 General Electric (GE) Haliade-150 6-MW offshore wind turbines was fully commissioned in June 2019. The project benefits from a guaranteed Feed-in-Tariff until 2033 and has a 10-year O&M agreement with GE Renewable Energy for the service and maintenance of the turbines.
The transaction is subject to customary regulatory approvals and consent from lenders, and is expected to close in H1 2020. DEME adds that the transaction could lead to a potential capital gain for them of more than €50 mio, still depending on the final closing expected in 2020.
Helen Mahy CBE, Chairman of TRIG, said: "The Board of TRIG is delighted to announce the Company's third offshore wind investment and our second investment in Germany. We are pleased to be growing our presence in the European offshore wind market which is making an increasingly important contribution to the decarbonisation of energy usage."
Richard Crawford, of InfraRed Capital Partners, said: "We welcome this opportunity to become co-investors alongside APG, a highly respected investor with a strong track record. Building effective relationships with developers, partners and asset managers remains essential for TRIG's ability to access these attractive larger transactions."