Wind parks are totaling 111 GWh per annum of renewable power, the equivalent of about 32,000 Belgian homes. Projects will generate secured annual revenues, benefiting from a 15 to 20-year green certificates local remuneration scheme. Green energy is vital to support the renewables target of the Flemish region, increasing its percentage of energy from renewable sources to meet its 2020 targets.

Arnhem, NETHERLANDS – 6th February 2020 – DNV GL has successfully completed a technical due diligence for Conquest, the sustainable Infrastructure fund manager, providing technical advisory for Conquest’s acquisition of five onshore wind parks totalling 43MW in Flanders, Belgium. The deal will see Conquest acquire 51% of a portfolio from ENGIE Electrabel, expected to provide 111 GWh per annum of renewable power representing the annual electricity consumption of about 32,000 Belgian homes from early 2021 onwards.

The rapid turnaround technical due diligence was delivered in a very tight timescale. It included a review of the vendor due diligence and review of terms within the contracts including, development agreements, engineering, procurement and construction, operation & maintenance agreements, Power Purchase Agreements and technical management agreement. DNV GL also checked the technical assumptions in the financial models.

The wind projects benefit from a 15 to 20-year green certificates local remuneration scheme and will therefore generate yearly secured revenues. The deal is an example of another crucial step in helping the region reach its renewable energy targets. Figures released by the Flemish Energy Agency reveal that although the region has made progress towards increasing its percentage of energy from renewable sources, it will need to go five times quicker to meet its 2020 targets.

Commenting on the deal, Stephane Wattez-Richard, Head of Investments at Conquest said: “As Conquest continues to build its diversified sustainable renewable real assets portfolio across Western Europe, the Benelux markets remain strategic for Conquest as they present strong investment opportunities in the sustainable power and infrastructure value chain, including in renewables, energy storage, energy management and data storage.”

“I would like to congratulate all the parties involved in this achievement. At a time of intense interest in  in the decarbonisation of our energy systems and the important role of the renewable energy industry in achieving this aim, this deal is yet another great example of a project which will provide long-term emission reductions to the region and contribute to our shared global goal of a greener future,” said Prajeev Rasiah, Vice President & Regional Manager North Europe, Middle East & Africa at DNV GL – Energy.