Vargronn has entered into an agreement to acquire a 27.4% stake in the operational Baltic 2 (288 MW) offshore wind farm from PGGM Infrastructure Fund.
Following the deal closing, the German utility and offshore wind company EnWB and Vårgrønn will respectively own 50.1% and 27.4% of the offshore wind farm, with EnBW holding operations and maintenance activities. Ärzteversorgung Westfalen-Lippe, the largest pension fund in Germany, will retain the remaining 22.5% indirect stake in Baltic 2.
Baltic 2 is located in the German Baltic Sea, 32 km north of the Island of Rügen, and started operation in September 2015. The wind farm holds 80 Siemens wind turbines (3.6 MW) and produces around 1,200 GWh per year providing renewable energy to about 340,000 [1] households, as well as leads to the abatement of around 900,000 tonnes of CO2 [2] emissions.
The partnership will provide Vargronn with an opportunity to build operational knowledge and experience in managing offshore wind farms, complementing the existing portfolio of projects under development and construction. Furthermore, this acquisition marks Vargronn’s entry into Germany, an offshore wind market driven by ambitious government targets and with a strong energy demand outlook. With a goal of achieving 30 GW of offshore wind capacity by 2030, Germany is positioning itself as a one of the European leaders in renewable energy.
“Vargronn is pleased to enter Germany, one of the world’s largest offshore wind markets. This transaction provides Vårgrønn with a significant platform for further growth and important operational insight in anew market.” says Stephen Bull, CEO at Vårgrønn.
