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Announced

Completed

Nuveen-backed Glennmont Partners completed the acquisition of a 50% stake in Borkum Riffgrund 3 from Ørsted for $1.35bn.

Financials

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Transaction Value£1,006m
Consideration TypeCash
Capital Owned-
Capital Bid For50%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Acquisition

Friendly

Majority

offshore wind farm

Cross Border

Infrastructure

Germany

Private

Private Equity

Alternative Fuels

Single Bidder

Completed

Synopsis

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Nuveen-backed Glennmont Partners, a fund manager, completed the acquisition of a 50% stake in Borkum Riffgrund 3, a 900 MW German offshore wind farm, from Ørsted, an offshore wind power provider, for $1.35bn “We’re delighted to extend our cooperation with Glennmont who are already partners in Gode Wind 1 and are focusing their entire portfolio on renewable energy infrastructure investments, thereby supporting the urgently needed shift from fossil-based energy sources to energy systems based on renewable energy sources," Martin Neubert, Ørsted Chief Commercial Officer and Deputy Group CEO.

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