European consortium to buy 80% of Veja Mate offshore wind park

Source: Veja Mate Offshore Project GmbH (www.vejamate.net)

February 13 (Renewables Now) - A consortium led by asset manager Commerz Real AG and IKEA franchisee Ingka Group will acquire an 80% stake in the 402-MW Veja Mate offshore wind park in the German North Sea.

Commerz Real and Ingka Group said in a joint statement today that they will each invest more than EUR 200 million (USD 226m) in the project company for the 67-turbine wind park. The other members of the buying consortium are Wpd invest GmbH and investment manager KGAL, while the sellers are Highland Group Holdings, Copenhagen Infrastructure Partners (CIP) and Siemens Financial Services. The latter will keep a 20% interest in the offshore wind park, which is Germany’s second largest.

Including debt financing, the transaction has a total value of about EUR 2.3 billion. According to the press release, Ingka Group has acquired a 25% stake in the plant.

CIP confirmed the agreement separately, saying that it is divesting its own 23.4% stake in the project company. It added that the CI-II fund will remain a lender to Veja Mate.

Meanwhile, Commerz Real noted it plans to contribute the newly-acquired stake to a special alternative investment fund in the form of a closed asset administration investment company.

The Veja Mate wind farm was completed in May 2017.

(EUR 1.0 = USD 1.131)

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