UK-based Octopus Energy’s generation arm Octopus Energy Generation has reached an agreement to acquire a 10% stake in the 732MW Dutch offshore wind farm Borssele III & IV from Partners Group.

With the sale, which is awaiting regulatory approvals, Partners Group will completely exit the project.

In June 2018, the company bought a 45% stake in the project. Last year, it sold a 20% interest to Swiss Life Asset Managers and this July, it offloaded a 15% stake to Nuveen Infrastructure.

The agreement is part of Octopus’ recent plan to invest up to $20bn (£16.17bn) in offshore wind globally. Earlier this month, the company agreed to invest in Norwegian renewables developer Deep Wind Offshore, which has a pipeline of projects in Norway, Sweden and South Korea.

Octopus Energy Generation fund management team co-head Alex Brierley said: “Investing in one of Europe’s largest wind farms in the Netherlands is a really exciting milestone as we only entered the Dutch renewables market last year.

“We have got big ambitions to supercharge the green energy transition globally. Offshore wind farms like these are boosting energy security and creating a more sustainable energy system for everyone.”

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Partners Group managing director and private infrastructure Europe co-head David Daum said: “The sale of Partners Group’s remaining stake in Borssele marks the end of our five-year journey with the project. As a fully operational wind farm, Borssele is positioned to make a meaningful contribution towards decarbonisation goals in the Netherlands.

“We are pleased to hand Borssele over to the new shareholder group following a transaction that highlights continued strong demand for high-quality infrastructure assets.”

Borssele III & IV is located 55km from the Port of Vlissingen in the Dutch North Sea and is powered by 77 Vestas turbines, each with 9.5MW of capacity. The wind farm has been operational since 2021 and generates 3,000 gigawatt-hours of clean energy that can power nearly 825,000 Dutch homes.

Partners Group stated that this project benefits from a feed-in premium regime supported by the Dutch Government, ensuring long-term contracted cash flows.

Octopus Energy Generation will join other owners of the project including Eneco, Glennmont Partners from Nuveen, Inpex, Luxcara, Shell and Swiss Life Asset Managers.