TRIG, APG to buy 396-MW Merkur offshore wind farm

Haliade-X. Source: LM Wind Power (www.lmwindpower.com)

December 10 (Renewables Now) - The Renewables Infrastructure Group Ltd (LON:TRIG) will acquire a stake of around 36% in the 396-MW Merkur offshore wind farm in the German North Sea, while Dutch pension investor APG has agreed to buy the remaining 64%.

This is APG’s second investment in offshore wind, following a deal for Walney 1 in the UK. The Merkur sellers are Partners Group, DEME Concessions, GE Energy Financial Services, ADEME and a private fund managed by InfraRed Capital Partners.

UK-based investment company TRIG said today the deal is expected to be finalised in the first half of 2020, subject to lender consent and antitrust clearance. Following its completion, the firm plans to sell-down part of the newly-acquired interest to minority co-investors managed by InfraRed and thus keep around 25% in Merkur.

This stake will account for around 8% of TRIG’s portfolio value. It will fund the acquisition with a combination of cash raised in a recent funding round and a drawdown from its revolving acquisition facility. 

Located some 35 km (22 miles) north of the island of Borkum, the Merkur wind farm uses 66 GE Haliade-150 6-MW offshore wind turbines that were brought online in June. It has in place a feed-in tariff (FiT) contract until June 2033, followed by a floor price agreement for six more years. GE Renewable Energy takes care of its operations and maintenance (O&M).

InfraRed is TRIG’s own investment manager.

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