Gulf Energy Development Public, a holding company with a portfolio of electricity, steam and chilled water generating projects and other related business, completed the acquisition of a 50% stake in Borkum Riffgrund 2, the 465MW offshore wind farm in the German North Sea, for $660m. The remaining 50% stake will continue to be held by Ørsted. "The company foresees the potential of the BKR2 project, which is consistent with the company’s strategy to expand its renewable energy business overseas, and the transaction will allow the company to enter into to a strategic partnership with the global market leader in offshore wind like Orsted, with 6.8GW of offshore wind installed globally and 3.1GW build-out planned towards 2022 across various countries such as UK, Germany, Denmark and the US,” Gulf Energy Development Public.