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July 8, 2020updated 23 Nov 2021 5:38pm

Gulf Energy to acquire 50% stake in German offshore wind farm

Gulf International Holding has signed an agreement which effectively purchases a 50% stake in the Borkum Riffgrund 2 Offshore Wind Farm.

A subsidiary of Gulf Energy Development has signed an agreement to acquire Borkum Riffgrund 2 Investor Holding (BKR2 Holding), which owns 50% of the Borkum Riffgrund 2 Offshore Wind Farm (BKR2 Project).

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The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Gulf International Holding’s parent company has agreed to pay Global Infrastructure Partners (GIP) approximately $630m (€558m).

Located in the German North Sea, the BKR2 offshore wind farm project has an installed capacity of 464.8MW. It entered into commerical operation last April.

Danish renewable energy company Ørsted holds the remaining 50% stake. Ørsted has power purchase agreements and an operation and maintenance agreement covering the project for the next 20 years.

Gulf Energy Development said the acquisition is in line with its strategy to increase its renewable energy business in the overseas markets.

Additionally, Gulf Energy Development is eager to enter into a strategic partnership with Ørsted as a major wind supplier. Ørsted has 6.8GW of offshore wind installed globally and 3.1GW build-out planned before 2022 across various countries.

Earlier this year, Gulf Energy Development bought a 100MW wind project in Vietnam and increased its stake in a gas-fired power plant infrastructure project in Oman, Reuters reported.

Last month, Ørsted reached a significant milestone with the installation of its 1500th offshore wind turbine at the Borssele 1 & 2 offshore wind farm located in the Dutch North Sea. Before construction started at Borssele 1 & 2, the company had 6.8GW offshore wind capacity installed globally.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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