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Merkur gets news owners

By: Tom Russell 10/12/2019 TRIG

Corporate General

The Renewables Infrastructure Group (TRIG) and Dutch pension investor APG have jointly acquired the Merkur offshore wind farm project, located in the German North Sea. TRIG acquired a 36% equity interest in the project with APG acquiring the remaining 64%.

Shortly after the completion of the transaction (expected in H1 2020), which is subject to lender consent and competition clearance, TRIG intends to sell-down a share to minority co-investors managed by InfraRed, leaving TRIG with an approximate 25% equity interest in the Project.

The investment is being acquired from a consortium of Partners Group (on behalf of its clients), DEME Concessions, GE Energy Financial Services, ADEME and a private fund separately managed by InfraRed.

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."

Merkur is a 396MW project which produced first power at the beginning of June. The project is located about 35km north of the island of Borkum in the German North Sea. It features 66 GE Haliade 160-6MW turbines, the last of which was installed in September 2018. The array is expected to generate enough green energy to supply approximately 500,000 households per year. It is also the largest German project to finish construction.

GE Renewable Energy is supporting turbine Operations & Maintenance (O&M) under a 10-year service agreement. The project is supported by a Feed-in-Tariff for the next 13.5 years (until June 2033), followed by a floor price for a further 6 years.

For more information on offshore wind farms currently under construction, click here.

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Merkur gets news owners

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