A consortium of funds managed by Commerz Real, Ingka Group, wpd invest and KGAL has bought an 80% stake in Veja Mate, a 402MW offshore windfarm in the North Sea.

The stake was acquired from Copenhagen Infrastructure Partners (CIP), Highland Group Holdings, and Siemens Financial Services.

Commerz Real and Ingka Group, as the largest stakeholders in the consortium, have acquired a stake of more than €200m each.

Comprising 67 turbines, Veja Mate is claimed to be the second largest German offshore windfarm and is one of the ten biggest in the world.

Along with debt financing, the deal value amounts to around €2.3bn.

Commerz Real board of managing directors member Johannes Anschott said: “Veja Mate has an optimum risk-return ratio.

“A future technology that is already very well-established was commissioned on schedule and to budget; it produces stable cash flows and also makes an effective contribution to achieve the climate protection targets.”

The windfarm has been in operation since 2017.

Siemens Financial Services will continue to hold the remaining 20% stake in the windfarm and Siemens Gamesa Renewable Energy serves as the technical partner in the framework of a complete service agreement.

“With this 25% stake, we make another step towards our 2020 target about renewable energy production exceeding our energy consumption.”

The windfarm is in Germany’s exclusive economic zone in the North Sea, 95km north-west of the Island of Borkum and covers a total area of 51km².

It is expected to reduce nearly 950,000t of carbon emissions a year.

The mean wind speed at the location is more than 10m a second.

Commerz Real plans to contribute its interest in the windfarm to a special alternative investment fund (AIF) through a closed asset administration investment company.

Ingka Group’sIngka Investments head KristerMattsson said: “With this 25% stake, we make another step towards our 2020 target about renewable energy production exceeding our energy consumption.

“It supports our sustainability targets, where renewable energy and energy independence play an important role. Investing in windfarms is part of our activities to support the financial strength of the company and contributes to our climate positive ambition.”

This sale follows European Commission approval for the acquisition by Siemens Project Ventures for sole control of Veja Mate Offshore Project, which is the windfarm owner and operator.