Commerz Real, Ingka Group and KGAL acquire remaining 20 per cent in Veja Mate wind park
The indirect shareholders of the Veja Mate offshore wind park – Commerz Real, Ingka Group and KGAL – have acquired the remaining stake of 20 per cent from Siemens Financial Services (via Siemens Project Ventures). Of this stake 70 million euros are accounted for by Commerz Real as the largest shareholder, which now holds approx. 36 per cent. The real assets subsidiary of Commerzbank will place the equity capital with institutional investors via their „Commerz Real Institutional Infrastructure Offshore Fund“. In February 2019 the consortium of Commerz Real, Ingka Group, KGAL and ALH Group bought about 80 per cent of the shares in the Veja Mate project company.
Veja Mate is located about 95 km northwest of the island of Borkum in Germany’s exclusive economic zone in the North Sea and covers a total area of 51 square kilometres. With a total installed capacity of 402 megawatts, it is the third-largest German offshore wind park in operation. Since commissioning in 2017, a total of 67 wind turbines have been generating sustainable electricity to supply 450,000 households, thus saving about 950,000 tonnes of carbon dioxide emissions per year according to the operators. Pursuant to the Renewable Energies Act (EEG 2014) there is a state-guaranteed feed-in price for the generated electricity at attractive conditions until end of 2029. The technical maintenance is guaranteed by Siemens Gamesa Renewable Energy in the framework of a full-service agreement.
“The strategic increase in this successful investment is particularly attractive for us and our investors,” emphasises Yves-Maurice Radwan, Head of Green Deal Infrastructure at Commerz Real. “With its stable long-term earnings and high cash return flows Veja Mate has an optimum risk-return ratio and is making a contribution to mitigating climate change. The fact that Siemens Gamesa is remaining on board for a further ten years as a full-service provider is also testimony to its long-term commitment to the project.”