Greencoat Renewables is set to acquire 22.5% of the Butendiek offshore wind farm in Germany from Marguerite Pantheon.
The wind farm is located in Germany's exclusive economic zone in the North Sea and consists of 80 Siemens Gamesa 3.6MW turbines that have been operational since 2015.
The transaction is subject to regulatory approval and is expected to close in the first quarter of 2023.
"We are pleased to make this acquisition which consolidates Greencoat Renewables' market position in the German offshore wind sector," said Bertrand Gautier, Investment Manager.
"This acquisition will also contribute to the diversification of Greencoat Renewables’ European portfolio whilst bringing further strong contracted cash flows," he added.
He said the acquisition of Butendiek demonstrates Greencoat Renewables’ commitment to the European offshore wind sector.
"We believe the sector will continue to offer attractive investment opportunities in the near future," he said.
Separately, Greencoat Renewables has now completed the acquisition of the 25MW Taghart wind farm here in Ireland as well as the 45MW Kokkoneva wind farm in Finland. Both assets were acquired under a forward sale commitment.
