GLS Bank to acquire majority stake in 48 MW German wind project

Germany-based GLS Bank has announced an agreement to acquire the 80.1 percent stake in the 48-MW Gagel wind farm from energy cooperative Prokon Regenerative Energien eG.

The 16-turbines park is located in the north of Saxony-Anhalt, Germany, and can meet the annual requirements of up to 40,000 households with a capacity of 48 MW. The estimated investment for the project is around €100 million (US$112 million).

The 16 Enercon E-115 units, with 3-MW-capacity each, have been in operation since February 2017. 

The technical management as well as the remaining shares (19.9 percent)  at the Windpark Gagel will remain with Prokon.

As we reported in July 2016, SH Northbank AG lent €70 million (US$77.55 million) to Prokon eG to fund the construction of the the project.

In total, GLS Bank is responsible for 23 wind farms and solar parks with more than 200 MW of power, which they have publicly placed over closed funds and profit participation rights. On the other hand, Prokon operates 58 wind farms in Germany and Poland, with a combined capacity of 605 MW.