John Laing Group, a London-based international originator, investor and manager of infrastructure projects, has acquired a 30% stake in the 110.7MW Nordergründe offshore wind farm, which saw its first turbine going up on Tuesday.
The Nordergründe project is John Laing’s second German wind investment and its first investment in offshore wind.
Ross McArthur , Managing Director of Renewable Energy for John Laing, said: “The Nordergründe off shore wind project in Germany is an important step for John Laing into a new market where we see a significant opportunity, and in a country we want to continue to invest into.”
The project achieved financial close in June 2015, with senior debt being provided by the European Investment Bank (EIB), KfW IPEX Bank and other commercial lenders. In addition to John Laing, other shareholders in Nordergründe are wpd AG (30%) and Gothaer Leben Renewables GmbH (40%).
Nordergründe will be delivered and operated by the wpd Group, with electricity generation coming from 18 Senvion 6.2 M126 turbines.
All foundation piles have been installed with turbine installation currently underway. The grid connection is in place, onshore cable and substation works have been completed and offshore cabling works have already begun. The construction is expected to be completed in Q2 2017.
John Laing received financial advice from Green Giraffe, technical advice from DNV GL, legal advice came from CMS and Tax and accounting advice from PwC.