20th Dec 2022 10:24
(Alliance News) - The Renewables Infrastructure Group Ltd on Tuesday said it will acquire a further equity interest in an offshore wind farm in the German North Sea, and a battery storage development in County Durham, England.
The Guernsey-based renewable energy infrastructure investment company will acquire a further 11% equity interest in the Merkur wind farm, taking its total equity interest in Merkur to 36%. The stake is being acquired from funds managed by investment manager InfraRed Capital Partners.
The investment is around 2% of Renewables Infrastructure's portfolio value, and the total stake in the Merkur project will represent around 6% of its portfolio by value.
The company said the project is aligned with its portfolio construction approach of balancing subsidised and unsubsidised revenues, and that it supports Renewables Infrastructure's plans to achieve a "broad" geographical spread across Europe.
Merkur comprises 66 Haliade-150 6 megawatt offshore wind turbines from GE Renewable Energy, a subsidiary of Boston, US-based industrial firm General Electric Co. GE Renewable Energy provides operations & maintenance services to Merkur under a 10-year contract.
Renewables Infrastructure also acquired a 100% equity interest in Project Spennymoor, a battery storage development located in County Durham, England.
Project Spennymoor is in a late-stage development phase. Renewables Infrastructure said once the project is operational, it is expected to represent 2% of Renewables Infrastructure's portfolio by value. The initial development investment is approximately 10% of the total anticipated investment, it said.
"Merkur is one of six offshore wind farms in the Renewables Infrastructure portfolio, and an asset which reinforces our position of investing in attractive renewable energy projects that contribute to energy security and decarbonisation efforts across Europe," Chair Richard Morse said.
Renewables Infrastructure shares were down 0.4% to 127.92 pence on Tuesday morning in London.
By Jaskeet Briah, Alliance News reporter
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