Greencoat Renewables PLC on Tuesday announced an agreement to acquire 23% of the Butendiek offshore wind farm in Germany from Marguerite Pantheon SCSp.

The Dublin-based investor in euro-denominated renewable energy infrastructure assets said the wind farm, which consists of 80 Siemens Gamesa 3.6 megawatt turbines, will give Greencoat a total installed capacity of 1228MW.

The company said the wind farm has a fixed price feed-in tariff until December 2023, followed by a floor price for electricity sold until December 2035, which Greencoat said will provide ‘ the opportunity for exposure to the emerging European corporate power purchase agreement market’.

Greencoat said the acquisition is expected to close in the first quarter of 2023. Following the acquisition, the company said its total borrowing will be around 47% of gross asset value.

Investment Manager Bertrand Gautier said: ‘We are pleased to make this acquisition which consolidates Greencoat Renewables’ market position in the German offshore wind sector. This acquisition will also contribute to the diversification of Greencoat Renewables’ European portfolio whilst bringing further strong contracted cash flows.’

Greencoat has also completed the acquisition of the 25MW Taghart wind farm in Ireland and the 45MW Kokkoneva wind farm in Finland, both of which were acquired under a forward sale commitment.

Greencoat shares were up 0.8% trading at €1.14 on Tuesday morning in London.

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