Vårgrønn has entered into an agreement to acquire a 27.4% stake in the operational 288 MW Baltic 2 offshore wind farm from PGGM Infrastructure Fund.
Following the deal closing, EnWB and Vårgrønn will respectively own 50.1% and 27.4% of the project, with EnBW holding O&M activities. Ärzteversorgung Westfalen-Lippe, the largest pension fund in Germany, will retain the remaining 22.5% indirect stake in Baltic 2.
Baltic 2 is located in the German Baltic Sea, 32 kilometers north of the Island of Rügen, and started operation in 2015. The wind farm holds 80 3.6 MW Siemens wind turbines.
“Vårgrønn is pleased to enter Germany, one of the world’s largest offshore wind markets.” says Stephen Bull, CEO at Vårgrønn. “This transaction provides Vårgrønn with a significant platform for further growth and important operational insight in a new market.”
The acquisition marks Vårgrønn’s entry into Germany.
