Glennmont enters offshore wind with Gode Wind 1 stake

UK-based investment firm Glennmont Partners has entered the offshore wind sector by agreeing to acquire a 25% stake in the 330MW Gode Wind 1 wind farm off the coast of Germany for an undisclosed fee.

Gode Wind 1 consists of 55 Siemens Gamesa SWT-6.0-154 turbines (pic credit: Ørsted)
Gode Wind 1 consists of 55 Siemens Gamesa SWT-6.0-154 turbines (pic credit: Ørsted)

The fund manager expects its acquisition of the stake from Global Infrastructure Partners (GIP) to be completed in the third quarter of 2019.

It announced its intention to invest in offshore wind for the first time after closing a €850 million clean energy infrastructure fund last month.

Glennmont has since agreed to acquire stakes in one Spanish and two Italian onshore wind farms with a combined capacity of 177.2MW, of which it owns 127.75MW.

The fund manager’s shares in Gode Wind 1 and the onshore wind capacity will add to its existing portfolio of 870.3MW of operational renewable energy assets, including net ownership of 562.3MW of onshore wind farms in Italy, France, the UK and Ireland.

GIP had also agreed to sell a 25% stake in the 330MW project to UK investment company The Renewables Infrastructure Group (TRIG) in June. Upon completion, the sales to TRIG and Glennmont will complete investment firm GIP’s divestment of its 50% stake in the German North Sea project.

The owners of Gode Wind I will then be Ørsted (50%), TRIG (25%) and Glennmont Partners (25%).

GIP had initially acquired a 50% stake from Ørsted, then Dong Energy for €787 million, in September 2015.

Ørsted had acquired Gode Wind 1, 2 and 3 from PNE Wind in August 2012.

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