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.

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.

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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.”