Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Offshore wind park Merkur sold to Dutch APG, Britain's TRIG

Published 10/12/2019, 07:51
Updated 10/12/2019, 07:57
© Reuters.  Offshore wind park Merkur sold to Dutch APG, Britain's TRIG

© Reuters. Offshore wind park Merkur sold to Dutch APG, Britain's TRIG

FRANKFURT (Reuters) - Dutch pension fund APG and Britain's Renewables Infrastructure Group (TRIG) (L:TRIG) agreed to buy offshore wind farm Merkur, the asset's biggest shareholder, Switzerland's Partners Group (S:PGHN), said on Tuesday.

The 396 megawatt project, located in the German North Sea, benefits from a guaranteed feed-in tariff until 2033 and has a 10-year operation and maintenance agreement with General Electric (N:GE), Partners Group said in a statement.

Sources had told Reuters late on Monday that the deal was imminent and that it would give the farm an enterprise value of about 2 billion euros (1.72 billion pounds). Partners Group did not disclose the value of the transaction.

"Renewable energy not only continues to be a transformative trend within the infrastructure asset class and an important component of Europe's future energy security, but it is also a key focus of Partners Group's infrastructure investment strategy," said David Daum, senior vice president at Partners Group.

Merkur, which can supply half a million households with electricity, was acquired in 2016 by a consortium led by Partners Group. Co-investors include investment manager InfraRed Capital Partners, Belgium's DEME Group, General Electric and the French Environment & Energy Management Agency (ADEME).

The consortium was advised by Bank of America (NYSE:BAC) Merrill Lynch on the sale, which includes APG buying a 64% stake in Merkur, while TRIG will acquire 36%.

TRIG, in a separate statement, said it would sell about 11% to minority co-investors managed by InfraRed once the deal is expected to be completed in the first half of 2020, leaving it with about a quarter.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.