Renewables fund
The Marguerite Fund, an equity fund set up by six major European financial institutions to invest in Greenfield and expansion projects, has acquired a 22.5% stake in the German Greenfield Butendiek offshore windfarm.
The Marguerite Fund, which was set up in 2010, has acquired the stake from German renewables developer, wpd, together with two Danish pension funds, Industriens Pension and PKA A/S and Siemens Financial Services.
Nicolás Merigó, CEO, Marguerite Adviser S.A., said: “This investment gives us the opportunity to leverage on our expertise in Greenfield renewable energy investment, in particular in the offshore wind sector, following the acquisition of a stake in the 325MW C-Power windfarm off the Belgian coast at the end of 2011.”
He added: “By teaming up with pension funds Industriens Pension and PKA A/S, and Siemens Financial Services, we were able to provide a substantial equity ticket which, together with the continued involvement of wpd as equity investor and operator, and the support of major lenders, allowed us to successfully complete this landmark transaction.”
Offshore construction work on the Butendiek project, which is located in the North Sea in the German exclusive economic zone, is to begin in spring 2014. 80 Siemens 3.6MW wind turbines will then be installed between autumn 2014 and summer 2015.
When commissioned the windfarm, which is expected to cost around €1.3bn, will produce 1,290GWh per year.
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