Marine construction company Van Oord has completed the sale and transfer of its 10% stake in the Blauwwind consortium to renewable energy asset management company Luxcara.
Blauwwind developed and owns the 731.5MW Borssele III & IV offshore wind project, which lies about 22km off the Dutch coast.
Following the sale of Van Oord’s stake to Luxcara, Blauwwind consists of investment manager Partners Group (45%), oil major Shell (20%), Japanese oil company Inpex (15%), Dutch energy group Eneco and Luxcara (10% each).
Luxcara and Van Oord took just two months to carry out the due diligence and negotiations on the deal, before completing the transfer at the end of December 2021.
The Blauwwind consortium was awarded the concession in 2016 to design, construct, operate and maintain Borssele III & IV, securing a contract to sell power at €54.50/MWh. The consortium then comprised Partners Group, Shell, Eneco, Mitsubishi subsidiary Diamond Generating Europe and Van Oord.
Van Oord said it decided to divest its stake in order to recycle capital for future projects as the wind farm is now fully operational.
The wind farm consists of 77 of Vestas’s V164-9.5MW turbines and was fully commissioned in 2021.
Van Oord had responsibility for balance of plant works for the project, including design, engineering, procurement, construction and installation of foundations and inter-array cables. Construction started in the second half of 2019 and Van Oord completed installation of the 77 foundations in six months, despite the Covid-19 pandemic.
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