Partners Group agrees to enter Borssele III & IV consortium

Wind turbines in Dutch waters. Author: Eneco. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

January 8 (Renewables Now) - Swiss investment manager Partners Group Holding (VTX:PGHN) has entered into an agreement to buy a 45% stake in the Borssele III & IV offshore wind projects in the Dutch North Sea totalling 731.5 MW.

The planned transaction will make Partners Group the largest shareholder in the consortium responsible for the projects. Existing investors include Royal Dutch Shell Plc (AMS:RDSA), Eneco Holding NV, Mitsubishi Corp’s (TYO:8058) fully-owned subsidiary Diamond Generating Europe (DGE) and Van Oord NV.

Following Partners Group’s entry into the consortium, Shell’s stake will be reduced to 20% from 40%, while DGE and Eneco will cut their interests in half to 15% and 10%, respectively. Van Oord will continue to hold a 10% stake.

“It’s quite common to enhance the financing structure of a capital-intensive project like Borssele III/IV along the way. Each existing consortium partner remains equally committed to the realization of this project,” said Kees-Jan Rameau, Chief Executive Growth Officer at Eneco Group.

Also today it was announced that Shell and Eneco will each purchase 50% of the renewable electricity production of Borssele III/IV once the two wind farms go online. With 77 units of 9.5-MW Vestas turbines to be installed at the project site off the coast of Zeeland province, the two wind farms are expected to generate some 3,000 GWh of electricity per year.

The wind complex is seen entering the construction phase in the second half of this year. It will benefit from the Dutch offshore feed-in tariff for a period of 15 plus one year from the start of commercial operations in early 2021.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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