US asset manager Nuveen Infrastructure has agreed to purchase a 15% stake in the 731.5MW Dutch offshore wind farm Borssele III/IV from Swiss private equity company Partners Group.
The deal’s consideration was not divulged.
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This marks the second investment as part of Nuveen’s European core renewable infrastructure strategy (NECRI), introduced in September 2022 in partnership with Dutch investor MN on behalf of its client PMT.
NECRI invests in renewable energy projects in brownfield sites across France, Germany, Italy, the Netherlands, the Nordic countries, Spain, the UK and other Benelux countries.
NECRI will acquire a stake in the 731.5MW project, which has been operating since the latter part of 2021, 22km off the coast of Zeeland province.
Nuveen’s Glennmont Partners CEO Joost Bergsma stated: “We are delighted to complete our second investment from the NECRI strategy, and to be investing in the Netherlands.
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By GlobalData“The Dutch offshore wind market is a key target region for our business and Borssele III/IV fits well with our brownfield renewable infrastructure investment strategy. Partners Group has extensive experience in the renewable energy sector globally and we are proud to work with them on this deal.”
MN principal portfolio manager Sebastiaan Ranner stated: “The investment in Borssele III and IV aligns perfectly with the fund’s strategy, delivering both promising returns and supporting our client PMT’s commitment to advancing the energy transition.
“Wind farms such as Borssele are crucial operating assets that meet the growing demand for renewable energy in the Netherlands.”
The Borssele III/IV wind farm is powered by 77 Vestas 9.5MW turbines.
It generates 3,000 gigawatt-hours of clean energy annually, enough to power 825,000 Dutch homes. The wind farm is supported by a 15-year subsidy from the Dutch Government.
In September 2022, Partners Group agreed to divest a 20% interest in the wind farm to Swiss Life Asset Managers.
