London-listed renewable energy infrastructure investment company Renewables Infrastructure Group (TRIG) is to acquire 36% equity interest in Merkur Offshore, a 396MW offshore wind farm located in the German North Sea. At completion, (expected in H1 2020), TRIG will sell-down a share to minority co-investors managed by InfraRed, leaving TRIG with an approximate 25% equity interest. Once completed, the investment is expected to represent around 8% of TRIG’s portfolio value. Dutch pension investor APG will acquire the remaining 64% of the project.
The wind farm comprises 66 GE Haliade-150 6MW offshore wind turbines which entered commercial operation in June 2019. The project has a for the next 13.5 years, followed by a floor price for a further six years.
The investment is being acquired from a consortium of Partners Group (on behalf of its clients), DEME Concessions, GE Energy FinancialServices, ADEME and a private fund separately managed by InfraRed.
Helen Mahy CBE, chair 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.”