New York State authorises the largest offshore windfarms in US history on 18 July. Credit: enriquelopezgarre from Pixabay.

London-based fund manager Glennmont Partners has entered an agreement to acquire a 25% stake in the Gode Wind 1 offshore windfarm in Germany from Global Infrastructure Partners II (GIP II).

Glennmont Partners said that the acquisition is the first offshore wind investment to be realised from the company’s €850m Clean Energy Fund III, which achieved final close in June.

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Gode Wind 1 is a 330MW operating offshore windfarm in the German North Sea. It is currently held in a joint venture between GIP II and Ørsted, a Danish offshore windpower company. Ørsted has a 50% stake each in the Gode Wind 1 power plant.

In addition to Ørsted having a 50% stake in the windfarm, the joint venture company provides operations and maintenance services, as well as a route to market for power production.

The Gode Wind 1 transaction is subject to regulatory approval and expected to be completed in the third quarter of 2019.

Glennmont’s stake acquisition follows the Renewables Infrastructure Group (TRIG) revealing plans to buy GIP’s other 25% interest in Gode Wind 1 earlier this month. TRIG is an investment company listed in London, advised by InfraRed Capital Partners.

Provided both acquisitions go through, the windfarm’s ownership will consist of Ørsted having 50%, with TRIG and Glennmont each having a 25% interest.

Glennmont Partners CEO and managing partner Joost Bergsma said: “We are delighted to announce this important transaction as Glennmont’s first investment in the German offshore wind market and to be partnering with Ørsted, a recognised leader in the sector.

“Gode Wind 1 represents a high-quality offshore wind asset supported by a demonstrable track record of cash flow generation to deliver value for our investors.”