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July 6, 2022

KGAL and partners take full ownership of Veja Mate wind farm

Commerz Real and Ingka Group previously bought an 80% stake in the wind farm in 2019 together with KGAL and ALH Group.

Engineering consultancy firm KGAL, Commerz Real and Ingka Group have acquired the remaining 20% stake in the 402MW Veja Mate offshore wind farm in Germany from Siemens Financial Services.

The financial details of the transaction have not been disclosed.

In February 2019, a consortium of Commerz Real and Ingka Group, together with KGAL and ALH Group, indirectly bought an 80% stake in the offshore wind facility.

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

Through the latest deal, the three firms have taken complete ownership of the offshore wind facility from Siemens Financial Services via Siemens Project Ventures.

KGAL said that the investment is part of the renewable energy fund KGAL ESPF IV.

KGAL Investment Management Sustainable Infrastructure managing director and head Michael Ebner said: “The investment has so far fully met our high expectations, and our investors are participating in attractive, well predictable returns.

“We are therefore pleased to have the opportunity to further increase our stake.”

Located nearly 95km north-west of the island of Borkum in Germany’s exclusive economic zone in the North Sea, Veja Mate has been operational since 2017.

It is claimed to be the country’s third largest operational offshore wind farm and has a fixed renewable energy feed-in tariff in place until 2029.

Equipped with 67 wind turbines, Veja Mate has been generating clean energy for 450,000 households while displacing 950,000t of carbon emissions a year.

The facility has received the Best Offshore Wind Power Plant in Operation award at the Helgoland Offshore Economic Forum for two consecutive years.

Siemens Gamesa Renewable Energy (SGRE) will provide technical maintenance for the offshore wind facility under a framework of a full-service agreement.

The company is due to serve as a full-service provider for the facility until 2032.

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