New Wind Acquisition Proves Vattenfall’s ‘Strong Belief’ In German Market

Posted by Betsy Lillian on August 10, 2016 No Comments
Categories : Projects & Contracts

Swedish power company Vattenfall has acquired a wind development project comprising up to 79 turbines in the German North Sea.

The Global Tech II wind project is located roughly 85 kilometers north of the island of Borkum. The project is currently under development in an area of 47 square kilometers.

Global Tech II is owned by Northern Energy Global Tech II, which Vattenfall has acquired as Aug. 5. The seller is Erste Nordsee-Offshore-Holding, a joint subsidiary of STRABAG SE and Etanax GmbH. The parties have agreed to not disclose the purchase price.

The company says the acquisition is in line with its growth strategy to extensively expand its renewable energy production in the coming years. Vattenfall currently operates over 1,000 wind turbines with a total installed capacity of 2,000 MW; by 2020, it expects to double its wind capacity to 4,000 MW and invest more than EUR 5 billion in wind power.

Vattenfall says the realization of the project depends on its obtaining a capacity contract in a tendering process. The first auction will be in March 2017, and the second auction will be in March 2018.

Gunnar Groebler, senior vice president and head of wind at Vattenfall, says the acquisition signals that the company “strongly believe[s] in the German market.”

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