Vattenfall has purchased an offshore wind development project in the North Sea in a bid to extensively expand its renewable energy production.
Vattenfall has purchased an offshore wind development project in the North Sea in a bid to extensively expand its renewable energy production.
The Global Tech II wind project is located in the German North Sea some 85 km north of the island of Borkum. It will consist of up to 79 wind turbines in an area of 47 km2.
Vattenfall bought the development company – Northern Energy Global Tech II – from Austria’s Strabag SE and Etanax GmbH. The purchase price has not been disclosed. The Swedish firm said that the transaction is in line with its growth strategy, and also an indication of its confidence in Germany’s renewable energy market.
“The acquisition underlines once more that our growth ambitions in wind are under full steam,” said Gunnar Groebler, perhaps unconscious of the slightly unfortunate imagery. He is senior vice president and head of Business Area Wind at Vattenfall. “As a company we are on a good way to reshape our generation portfolio towards more renewable energies in all our markets.”
Groebler added: “With Global Tech II we also send a signal that we strongly believe in the German market. In particular we consider the new German tender system beneficial to the development of wind as it is more cost efficient, which will also lead to further acceptance of this effective and renewable power generation.”
Construction of the project will depend on its obtaining a capacity contract in the tendering process with the first auction in March 2017 and the second auction in March 2018.