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Germany

Germany

GE Commercial Finance acquires 99 MW in eastern Germany

GE Commercial Finance is paying EUR 135.5 million for wind farms with a combined capacity of 99 MW in eastern Germany. Under the deal, the company is acquiring a 24 MW project owned by wind turbine maker Repower and four others owned by developer Denker & Wulf, a former Repower subsidiary. "This transaction represents our biggest commitment to wind energy investment in Europe and supports our strategy to grow in Europe and renewable energy," says GE's Andrew Marsden. The profits from the sale of the 75 MW Denker and Wulf assets will be shared with Repower, as agreed when the two companies split following a management buy-out at the end of last year. The GE deal is still subject to approval by Germany's cartel authorities. It includes the assumption of debt relating to the five projects. Denker & Wulf will continue with technical management of the wind farms. All of the projects use Repower 1.5 MW machines -- eight final turbines are due to be commissioned at the end of September bringing the five-project portfolio's total to 66 machines. "This landmark investment by an international player represents the entry of a new class of investor in the German market," says Repower's Heiko Baumann.

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