Norges Bank Investment Management (NBIM), Allianz and AIP Management have agreed to form a consortium to acquire a 49.9 per cent stake in He Dreiht, a 960 MW offshore wind farm construction project in Germany.

Each will pay approximately €430m for a 16.6 per cent ownership interest and their share of the capital expenditure for the wind farm.

This values the project at approximately €2,600m, with no external debt financing to be involved in the transaction.

The agreement was signed on 22 March 2023, with closing expected in the third quarter of 2023.

The seller of the stake is German utility firm EnBW, which has developed the project.

EnBW will remain co-owner and operator of the project.

He Dreiht is expected to be operational by the end of 2025 and will then be the largest offshore wind project in Germany.

The wind farm is expected to produce clean energy equivalent to the electricity demand of 1.1 million German households.

“Energy transition and energy security are high on our agenda,” commented Allianz Group head of renewables Europe, Stefan Henge.

“Allianz is keen to support the energy transition which is underlined by our first direct investment into offshore wind in Germany.

“He Dreiht shall supply around 1.1 million households in Germany with green and safe energy while delivering stable and long-term cash yields for our insurance customers.”

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