A fortnight ago, Viridis Energy, on behalf of subsidiary VCEG, announced it had agreed to acquire the majority 89.9% interest in Merinda from KG Allgemeine Leasing GmbH & Co for A$18.7 million.
The portfolio comprises three wind farms in Lower Saxony and Saxony-Anhalt, Germany, with a total installed capacity of 38MW and estimated production of over 76,500MW per year.
Electricity produced by the farms is sold to subsidiaries of E.ON and RWE under the German Renewable Energy Services Act (EEG), which provides for a minimum 20-year sales contract at a fixed price, the company said.
Viridis said the investment now had a total enterprise value to VCEG of A$70.3 million, which included a A$20.8 million total purchase price and existing senior debt of A$49.5 million.
Subject to certain conditions, including completion of VCEG’s purchase of the majority interests in the portfolio, Viridis expects both transactions to be completed early in the first quarter of next year.
VCEG’s investment portfolio includes ownership interests in 15 projects in the USA, UK and Germany, with a total capacity of 137MW, or net 125MW to the company. It also holds subordinated debt interests in Elettra Holdings, LP, which owns a portfolio of generation assets in Italy.
