Scots renewable energy consultancy Sgurr Energy has helped a private equity firm PKA AIP and a consortium of Danish pension funds in their acquisition of the 252MW Gode Wind II offshore wind farm in the German North Sea.
Providing technical due diligence for the acquisition, SgurrEnergy’s scope included a review of project operation strategies and contracts, energy yield, design, permitting and environmental issues as well as reviewing technical aspects of the financial model.
The market value of assets held by PKA Ltd is approximately €26 billion. When the deal was concluded, the consortium acquired a 50% share of the project.
Simon Luby, Sgurr Energy’s director of advisory services, said: “This acquisition reinforces the growing role to be played by pension funds in supporting the industry, and the growing confidence this investor type has in the industry, which is vitally important in achieving longer term growth in this sector.
“Pension funds have a vital role to play in the successful growth of the offshore wind industry, as does the adoption of advanced wind turbine technology to improve reliability and performance, and thus project returns.”
Construction of Gode Wind II is expected to commence in 2015, and full commissioning for this and the neighbouring wind farm Gode Wind I are expected in 2016.
Peter Damgaard Jensen, Chief Executive, PKA, said: “Gode Wind II is the fourth offshore wind farm that we have invested in and these will provide power to more than 1.8 million households.”
Glasgow-based Sgurr Energy is part of the Wood Group.