Greencoat Renewables to acquire stake in German offshore windfarm

3 Jan 2023

Image: © Photocreo Bednarek/

The company has also completed the acquisition of the 25MW Taghart windfarm in Ireland and a 45MW windfarm in Finland.

Dublin-headquartered energy company Greencoat Renewables has made a deal to acquire 22.5pc of a German offshore windfarm.

The Butendiek windfarm is located in Germany’s exclusive economic zone in the North Sea and consists of 80 Siemens 3.6MW turbines which have been operational since 2015.

Greencoat is purchasing the stake from Marguerite Pantheon and expects to close the deal in the first quarter of 2023, subject to regulatory approval.

The Butendiek site currently benefits from a fixed price feed-in-tariff, which Greencoat said will remain in place until the end of the year.

After this period, the energy company said the project benefits from a floor price for the electricity sold until December 2035.

Greencoat investment manager Bertrand Gautier said the acquisition will consolidate the company’s market position in the German offshore wind sector. He added that the deal will diversify its European portfolio and bring “strong contracted cash flows”.

“The acquisition of Butendiek demonstrates Greencoat Renewables’ commitment to the European offshore wind sector, which plays an increasing role in providing cost-competitive, decarbonated and reliable electricity,” Gautier said. “We believe the sector will continue to offer attractive investment opportunities in the near future.”

Meanwhile, the company confirmed it has completed the acquisition of the 25MW Taghart windfarm in Ireland, as well as the 45MW Kokkoneva windfarm in Finland.

Greencoat first entered the continental offshore wind market last April, through a €350m deal to acquire 50pc of German windfarm Borkum Riffgrund 1.

The previous week, the energy company revealed that it raised €281.5m in an oversubscribed placing to help it pursue a pipeline of near-term investment plans in Ireland and continental European markets.

In April 2021, Greencoat acquired the Glencarbry windfarm in Co Tipperary, while in February of the same year it entered the Nordic market by acquiring a Finnish windfarm for around €60m.

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Leigh Mc Gowran is a journalist with Silicon Republic