Swiss Life Asset Managers announce the acquisition of a minority stake in Borssele III & IV, a fully operational offshore wind park.
Swiss Life Asset Managers, on behalf of its investors, acquired a 20% stake in Borssele III & IV, a fully operational offshore wind park located 55km from the Port of Vlissingen in the Netherlands. The seller is Partners Group, a leading global private markets firm, acting on behalf of its clients. The Borssele III & IV wind farm has an installed capacity of 731.5 MW and is generating approximately 2.3% of the Dutch electricity demand.
The wind park will be the latest addition to the Swiss Life Asset Managers’ portfolio in the renewables and clean energy sector which is of course of particular importance in light of the European energy transition. The asset benefits from a highly attractive location and strong cash flows.
With its 77 wind turbine generators, the energy produced by Borssele III & IV is enough to power 825,000 households. The wind park contributes significantly to the goal included in the Dutch 2013 Energy Agreement for Sustainable Growth, which targets 4,450MW of offshore wind capacity to be operational by 2023.
“We are delighted to have added Borssele III & IV to our fund portfolio. Offshore wind is a key technology for the European energy transition and a strong pillar in our investment strategy. Our investors will be able to benefit from stable cashflows, protected by a well-designed Dutch subsidy scheme” comments Marc Schürch, Head Renewable Energy International at Swiss Life Asset Managers.
The transaction includes an earnout mechanism to cater for a volatile power price environment and market uncertainty. Completion of the transaction is subject to customary regulatory approval. Swiss Life Asset Managers was advised by Voltiq as its financial advisor and Norton Rose Fulbright as its legal advisor.
About Swiss Life Asset Managers Infrastructure Equity
Established in 2011, the Swiss Life Asset Managers Infrastructure Equity Team manages over EUR 9.0bn in AUM for its clients and partners. The team consists of more than 50 investment specialists, with an average of 20 years industry experience across the senior level members. The team has made over 60 infrastructure investments, across 11 funds and managed accounts, in both direct and fund opportunities across the Energy, Communications, Transportation, Regulated Utilities, Social Infrastructure and Renewable Energy sectors. In the renewable energy sector, the team has invested in a globally diversified portfolio of more than 5.0 GW across photovoltaics, concentrated solar power, onshore wind, offshore wind, hydro and biomass.
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