Greencoat Renewables, an Irish renewable investment firm, has agreed to purchase a 50 per cent stake in the 312 MW Borkum Riffgrund I offshore wind farm for $383 million in cash. Greencoat Renewables will acquire a 31.5 per cent share from Kirkbi and an 18.5 percent stake from William Demant Invest as part of the acquisition. Greencoat Renewable’s total installed capacity will increase to 993 MW as a result of the agreement.
Ørsted, a Danish multinational power corporation, holds the remaining 50 per cent of the Borkum Riffgrund I offshore wind farm, which it developed and constructed. Borkum Riffgrund I is a wind farm with 78 SGRE 4.0 MW turbines located in Germany’s exclusive economic zone in the North Sea. It has been in use since 2015. The wind farm will be covered by a fixed-price contract for differences until September 2024. Following that, until May 2035, it will benefit from a government-backed floor price for power sold. The transaction is scheduled to close later in 2022, subject to regulatory approval. The wind farm’s operation, maintenance, and management will be provided by Ørsted under a long-term contract.
In March 2022, Maersk and Ørsted signed a letter of intent (LOI) to collaborate on a new Power-to-X facility in the US. Ørsted would construct a 675 MW Power-to-X facility on the US Gulf Coast, which would produce around 300,000 tonnes of e-methanol per year for Maersk’s recently ordered fleet of 12 methanol-powered vessels. The plant would be fueled by 1.2 GW of renewable energy generated by new onshore wind and solar PV plants.
