Düsseldorf - Commerz Real and the Swedish Ingka Group, as the largest shareholders in a consortium, are each participating in the project company of the Veja Mate offshore wind farm in the North Sea with more than 200 million euros. With a total of 67 wind turbines and a total capacity of 402 megawatts, this is the second largest offshore wind farm in Germany and one of the ten largest farms in the world. Other partners are funds of the German investment companies KGAL Group and wpd invest. In total, the consortium is acquiring around 80 percent of the shares in the project company.
Together with the debt capital, the transaction volume amounts to around €2.3 billion. The sellers of the park, which has been in operation since 2017, are the previous project developers and owners Highland Group Holdings, Copenhagen Infrastructure Partners and Siemens Financial Services. The latter will continue to hold 20 percent of the shares. Technical support is provided by Siemens Gamesa Renewable Energy under a full-service contract.
Veja Mate is located about 95 km northwest of the island of Borkum in the German economic zone of the North Sea and covers an area of 51 square kilometers. In this area, the average wind speed is more than 10 meters per second. The 180-meter-high wind turbines have rotors each 154 meters in diameter and their foundations are 7.8 meters in diameter. At 84.5 meters in length, they are the largest of their kind manufactured to date. The turbines are designed for an operating life of 25 years, the maintenance contract with Siemens initially runs for 15 years. According to the Renewable Energy Sources Act (EEG 2014), the feed-in tariff is to be paid for a total of 20 years, until 2037. According to the operators, the operation of the wind farm will save around 950,000 tons of carbon dioxide per year.
The consortium, consisting of the IRI Investments BV, a subsidiary of the Swedish Ingka Group, ANET GmbH & Co. Geschlossene Investment KG, KGAL ESPF 4 Holding SARL, ALH European Infra S.C.S. SICAV-RAIF and the Green Return Fund 3 S.C.S. SICAV-FIAR, prevailed in a bidding process. The investment was acquired by way of a share deal from the sellers Siemens Project Venture GmbH, Highland Capital Group and Copenhagen Investment Partners. The consortium was advised in the bidding process by Watson Farley & Williams LLP.
About IRI Investments BV
IRI Investments BV is an investment company of the Ingka Group that invests, among other things, in renewable energy projects.
Advisors to IRI Investments BV: Luther Rechtsanwaltsgesellschaft
Luther, Corporate / M&A, Düsseldorf: Marc Urlichs (Counsel, Lead)
Luther, Energy Law, Düsseldorf: Dr. Angelo Vallone (Partner)
The Luther team led by Counsel Marc Urlichs advised IRI Investments BV both in connection with the entering into and structuring of the consortium and in connection with the negotiations with the sellers.