UK's John Laing takes 30% in 111-MW German offshore wind project

UK infrastructure company John Laing Group plc (LON:JLG) today said it has ventured into offshore wind with the acquisition of a 30% stake in a 110.7-MW German project.

The Nordergruende project is located in the German North Sea, just north of the city of Wilhelmshaven. Its other shareholders are developer Wpd AG with 30% and Gothaer Leben Renewables GmbH with 40%, John Laing said.

The wind farm, which will feature 18 Senvion 6.2 M126 turbines, will be delivered and operated by Wpd. Turbine installation is currently underway, with construction expected to be completed in the second quarter of 2017.

The project will benefit from the German feed-in tariff (FiT) mechanism, John Laing noted. It reached financial close in June 2015, securing senior debt from the European Investment Bank (EIB), KfW IPEX Bank and other commercial lenders.

"The Nordergründe offshore wind project in Germany is an important step for John Laing into a new market where we see a significant opportunity, and in a country we want to continue to invest into," said Ross McArthur, managing director of renewable energy for John Laing. This is John Laing's second German wind investment.

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