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:) agreed to buy offshore wind farm Merkur, the asset’s biggest shareholder, Switzerland’s Partners Group (S:), 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:), 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:) 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.

READ  Stocks – Major Averages Nearly Recover From Impeachment Slump
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here