Macquarie buys Germany's first utility-scale project

A consortium of funds managed by Macquarie Infrastructure and Real Assets (MIRA) has agreed to acquire Ocean Breeze Energy, the special purpose vehicle behind the 400MW Bard Offshore 1 project.

by Craig Richard 7 August 2019

The 400MW Bard Offshore 1 project was commissioned in 2013

Macquarie European Infrastructure Fund 5 and Lombard Macquarie Infrastructure Fund will acquire Ocean Breeze, which developed the Bard Offshore 1 site, from Italian banking and financial services company Unicredit.

The investor expects the transaction to close in the fourth quarter of 2019, depending on EU and German approvals. The value of the deal was undisclosed.

Bard Offshore 1 was . It consists of 80 Bard 5.0 VM 5MW turbines.

Once the transaction is closed, Macquarie European Infrastructure Fund 5 will own a majority 75% stake in the project, while Lombard Macquarie Infrastructure Fund will own the 25% remainder.

MIRA manages investments in 13.4GW of green energy projects around the world including about 5GW of hydro, onshore and offshore wind capacity in Europe.