Vattenfall acquires German wind development project

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Vattenfall acquires German wind development project

Vattenfall has acquired a wind development project consisting of up to 79 turbines in the German North Sea. The acquisition is in line with Vattenfall’s growth strategy to extensively expand its renewable energy production in the coming years.

The Global Tech II wind project is located in the German North Sea some 85 kilometres north of the island of Borkum. The project is currently under development with up to 79 wind turbines in an area of 47 square kilometres.

The Global Tech II project is owned by Northern Energy Global Tech II, which Vattenfall has acquired as of 5 August. The seller is Erste Nordsee-Offshore-Holding, a joint subsidiary of Austrian STRABAG SE and indirecly Etanax GmbH. The parties have agreed to not disclose the purchase price.

The realization of the project depends on obtaining a capacity contract in the tendering process with the first auction in March 2017 and the second auction in March 2018.

International law firm Watson Farley & Williams (WFW) advised Erste Nordsee-Offshore-Holding GmbH on the legal and tax aspects. 

Gunnar Groebler, Senior Vice President and Head of Business Area Wind at Vattenfall, said:

“The acquisition underlines once more that our growth ambitions in wind are under full steam. As a company we are on a good way to reshape our generation portfolio towards more renewable energies in all our markets.”

“With Global Tech II we also send a signal that we strongly believe in the German market. In particular we consider the new German tender system beneficial to the development of wind as it is more cost efficient, which will also lead to further acceptance of this effective and renewable power generation.”

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