SgurrEnergy Backs Gode Wind 2 Acquisition
SgurrEnergy supported private equity investors, PKA AIP and a consortium of Danish pension funds, in the 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 deal was concluded, resulting in the consortium’s acquisition of 50% share of the project. 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.
SgurrEnergy’s director of advisory services, Simon Luby, said: “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.
“SgurrEnergy is delighted to have supported yet another major and successful offshore wind investment transaction.”
Peter Damgaard Jensen, CEO of PKA, said: “Gode Wind II is the fourth offshore wind farm that PKA has invested in and the four wind farms will provide power to more than 1.8 million households. PKA will continue investing in such projects, since they are in line with the wish for a sustainable return and our members’ demand to make a positive impact on the climate.”
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.