Prime, which owns 50% of GWP and 100% of New Zealand networks company Powerco, says GWP has acquired the Niederrhein development project from German-based renewable energy developer Renerco Renewable Energy Concepts AG for an undisclosed sum.
Total installed capacity of the two developments is to be 19.5MW, with an estimated production rate of 37,000 MWh per year from late 2005.
Babcock & Brown has provided a bridge facility and indemnity to GWP to give GWP and its investors an appropriate period to complete due diligence on the acquisition.
Babcock & Brown has also entered into an agreement with Renerco under which GWP also acquires a first right of refusal on future operating wind farm sales and future wind farm developments. It is anticipated GWP will procure up to an additional 150 MW of installed wind energy capacity by the end of 2006 in Germany and elsewhere in Europe.
Prime Infrastructure managing director Chris Chapman said the acquisition was “yet another really positive outcome for GWP". It comes soon after the recent Olivo wind farm acquisition in Spain, completed in February.
“It should further consolidate GWP’s position as a significant global player in wind energy by providing a solid platform from which to build, in the world’s largest market for wind energy," Chapman said.
"It would continue GWP’s portfolio diversification strategy and bring GWP closer to achieving its medium-term objective of 500MW of installed wind energy capacity.”
