Linklaters advises Glennmont Partners on the acquisition of 50 per cent in offshore wind farm Borkum Riffgrund 3

Linklaters advised Glennmont Partners on the agreements to acquire a 50 per cent ownership share in Ørsted’s offshore wind farm Borkum Riffgrund 3.

The wind farm, which was awarded in 2017 and 2018 at a price of 0 EUR per MWh, is expected to be commissioned in 2025, subject to Ørsted's final investment decision, which is expected by the end of 2021.

The total transaction value is expected to amount to approx. EUR 1.2 billion which comprises the price for the acquisition of a 50% ownership share and the commitment to fund 50% of the payments under the ECP contract for the entire wind farm.

Glennmont will partially finance the acquisition and ongoing funding of its 50 % share through a financing package that was structured and led by Ørsted, and co-arranged by Glennmont.

Borkum Riffgrund 3 will have a total export capacity of 900 MW and will be located in the German North Sea close to Ørsted's existing offshore wind farms Borkum Riffgrund 1 and Borkum Riffgrund 2.

Glennmont is one of the largest European fund managers investing exclusively in renewable energy infrastructure. The company is wholly owned by global asset manager Nuveen, which manages assets of around 1.3 trillion US dollars.

Linklaters advised under the lead of Thomas Schulz (Partner, Corporate/M&A, Berlin), Michal Hlásek (Partner, Banking, Frankfurt) and Oliver Rosenberg (Partner, Tax, Düsseldorf).