John Laing Group plc, an international originator, active investor and manager of infrastructure projects, says it has acquired a 30% stake in a 110.7 MW offshore wind farm project in the German North Sea, just north of the city of Wilhelmshaven.
According to the company, the Nordergrunde project is John Laing’s second German wind investment and, notably, its first investment in offshore wind.
As reported, the project achieved financial close in June 2015, with senior debt being provided by the European Investment Bank, KfW IPEX Bank and other commercial lenders. In addition to John Laing, other shareholders in Nordergrunde are wpd AG (30%) and Gothaer Leben Renewables GmbH (40%).
John Laing Group plc says Nordergrunde will be delivered and operated by the wpd Group, a German developer and operator of offshore and onshore wind farms, both domestically and internationally, and it will feature 18 Senvion 6.2 M126 turbines.
All foundation piles have been installed, and turbine erection is underway. The grid connection is in place, onshore cable and substation works have been completed, and offshore cabling works have already begun. The project is expected to benefit from the German feed-in tariff mechanism, and construction is expected to be completed in the second quarter of 2017.
John Laing received financial advice from Green Giraffe, technical advice from DNV GL, legal advice from CMS and Tax and accounting advice from PwC.