Singaporean conglomerate the Keppel Corporation has agreed to buy a 25% stake in the 465MW Borkum Riffgrund 2 offshore wind farm in the German North Sea.
It will pay €305 million to buy 50.01% of a special purpose vehicle (SPV) – owned by a subsidiary of Thai energy firm Gulf Energy Development – which in turn owns 50% of Borkum Riffgrund 2.
Following completion of the transaction, Gulf Energy will retain a 49.99% stake in the SPV.
Danish developer Ørsted will continue to own the remaining 50% stake.
Borkum Riffgrund 2 was commissioned in 2018 and consists of 56 of Vestas’ V164-8.3MW turbines.
Keppel has previously bought into onshore wind farms in Norway, Sweden and the UK.
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