Marguerite Fund Buys Stake in 1.3 Billion-Euro German Wind FarmLouise Downing
The Marguerite Fund, a European Investment Bank-backed investment fund, acquired a 22.5 percent stake in a 1.3 billion-euro ($1.7 billion) wind farm off Germany.
Marguerite bought the holding in the 288-megawatt Butendiek project from Germany’s WPD AG, the Luxembourg-based fund said today in an e-mailed statement, without disclosing terms. Two Danish pension funds and Siemens Financial Services also purchased stakes of the same size, leaving WPD with 10 percent.
The acquisition marks Marguerite’s first investment in Germany. The country, which is phasing out nuclear generation, has lured funds for clean-energy projects as it seeks to get as much as 40 percent of its power from renewables by the end of the decade, up from about 25 percent now.
The fund expects construction of the Butendiek facility in the North Sea to start early next year, with all turbines installed by mid-2015. Once operational, it will provide enough electricity to power about 370,000 homes, the statement shows.
Marguerite obtained more than 850 million euros in debt financing from nine banks led by KfW Ipex-Bank GmbH, UniCredit SpA and Bremer Landesbank.