Vattenfall buys 79-turbine offshore wind project in Germany

Swedish energy group Vattenfall AB has acquired the up to 79-turbine Global Tech II offshore wind project in the German North Sea, it announced on Wednesday.

Vattenfall has bought the project owner, namely Northern Energy Global Tech II, from Erste Nordsee-Offshore-Holding, a joint venture between Austrian builder Strabag SE (VIE:STR) and Etanax GmbH. The value of the transaction was not disclosed.

The particular project is currently under development. It will be implemented to the north of the island of Borkum. Its realisation is subject to winning a capacity contract in Germany’s tendering process. The first auction will be held in March 2017, while the second one is scheduled for March 2018.

Gunnar Groebler, senior vice president and head of business area Wind at Vattenfall, said that the company views the new German tender system as beneficial to the development of wind because it is more cost efficient.

At present, Vattenfall’s wind power arm operates more than 1,000 wind turbines totalling 2 GW. By 2020 it anticipates to double its wind capacity to 4 GW.

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