Momentum Energy Group divests Bockstigen stake

In: CorporateWindfarms
Momentum Energy Group has sold its stake in the Bockstigen wind farm and signed a five-year asset management contract with the new investor.

The wind park is situated in Bockstigen in Gotland, Sweden, and was the world’s third offshore wind park, erected in 1998.

The wind farm was re-powered in late 2018 with each of its five turbines upgraded from a 38 m rotor to 47 m rotor and a renovated Vestas V47 nacelle. New cabling and software were also installed. In the process, the technical lifetime of the project has been extended by 15 years.

Momentum stated that it has increased the yearly output from 5 mill. kWh to +10 mill kwh and has experienced no major problems during the first 12 months of operation. January and February 2020 saw new production records.

Overall, the "exemplary teamwork" between technicians, project managers, engineers and finance experts enabled Momentum to reduce the CAPEX of the repowering by more than 30%, making the project economically feasible.

After one year’s successful operation with an availability of over 99% and a more than a 100% increase in production compared to earlier, the project was sold to a Danish investor in December 2019.

According to Momentum, the project was divested to a financially strong Danish investor as part of building up a diversified portfolio of wind turbines in northern Europe. The two companies have worked together on investing in other wind projects in Denmark and Germany. Momentum have established long-term asset management contracts in all the projects as an essential part of the partnership.

"This transaction shows our ability to think “out of the box” and find solutions where others have given up. As asset manager, this pushes the limits of Momentums capabilities yet again. We are extremely proud of finishing a 5 years period with Momentum as owner, with handing the windfarm over to one of our good customers, and at the same time entering a long-term asset management contract, which is our core business. It is not the last time we will use old, refurbished, wind turbines in our seeking for optimal solutions, for our customers,”
stated Kim Madsen, CEO Momentum Energy Group.

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