KGAL, partners buy remaining 20% of 402-MW wind farm off Germany

Investment and asset manager KGAL GmbH & Co KG, Commerz Real AG and Ingka Group have acquired the remaining 20% of the 402-MW Veja Mate wind park in the North Sea off the German coast.

The stake was sold by Siemens Financial Services, KGAL said on Wednesday.

In February 2019, a consortium of Commerz Real, KGAL, ALH Group and Ingka Group -- the biggest retailer in the IKEA franchisee system, indirectly bought an 80% share in the offshore wind farm.

Located about 95 km (59.03 mi) northwest of the island of Borkum in Germany’s exclusive economic zone in the North Sea, Veja Mate has been in operation since 2017, supplying sustainable power to 450,000 households. The electricity produced by the park saves about 950,000 tonnes of carbon dioxide emissions per year.

The wind farm will be receiving a feed-in tariff by the end of 2029. It is Germany's third-largest offshore wind park in operation.

Choose your newsletter by Renewables Now. Join for free!