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December 10, 2019updated 28 Jul 2020 1:19pm

TRIG to acquire stake in Germany’s Merkur offshore windfarm

UK-based The Renewables Infrastructure Group (TRIG) and Dutch pension investor APG have agreed to acquire Merkur offshore wind farm.

UK-based The Renewables Infrastructure Group (TRIG) and Dutch pension investor APG have agreed to acquire the Merkur offshore windfarm.

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TRIG will buy 36% and the remaining 64% stake in the project will be acquired by APG. Financial details of the deal have not been divulged by either company.

TRIG chairman Helen Mahy said: “The board of TRIG is delighted to announce the company’s third offshore wind investment and our second investment in Germany.

“We are pleased to be growing our presence in the European offshore wind market which is making an increasingly important contribution to the decarbonisation of energy usage.”

Located in the German North Sea, Merkur offshore is a 396MW operational offshore windfarm. It commenced operations in June 2019.

It is equipped with 66 GE Haliade-150 6MW offshore wind turbines. A operations and maintenance (O&M) services agreement with GE Renewable Energy is in place for a period of ten years.

The acquisition is in line with TRIG’s strategy to partner with aligned co-investors on larger transactions. To fund this deal, TRIG will use a combination of proceeds from its recent capital raising and a drawdown from the group’s revolving acquisition facility.

Completion of the deal is expected in the first half of 2020, with TRIG intending to sell a certain stake to minority co-investors managed by InfraRed.

InfraRed Capital partners Richard Crawford said: “We welcome this opportunity to become co-investors alongside APG, a highly respected investor with a strong track record.

“Building effective relationships with developers, partners and asset managers remain essential for TRIG’s ability to access these attractive larger transactions.”

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Free Report
img

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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