Equitix Acquires Stake in 330 MW Gode Wind 1 Offshore Wind Farm

August 1, 2024, by Adnan Memija

Equitix has decided to invest in the 330 MW Gode offshore wind farm in Germany by acquiring a stake in the project from the Renewables Infrastructure Group (TRIG).

TRIG announced on 1 August the sale of a 15.2 per cent equity interest in the project for a consideration of EUR 100 million to funds managed by Equitix Investment Management.

The sale, subject to clearances and consents, is at a nine per cent premium to the valuation of the wind farm as of 31 December 2023, according to TRIG.

The company will continue to own a 9.8 per cent stake in the 330 MW Gode Wind 1, together with its partners Ørsted and Glennmont Partners.

“We are pleased with the partial sale of our stake in Gode at a healthy premium to the most recent valuation. Over the past 12 months, we have successfully sold stakes in seven assets for a total of £210m. These sales were agreed at an average 11% premium above the assets’ respective valuations, which continues to underscore the disconnect between private and public market valuations for renewables infrastructure,” said TRIG Adviser InfraRed’s Minesh Shah.

For Equitix, this is their 13th offshore wind farm acquisition in Europe. It represents a further step forward in the company’s strategic ambitions for growth in Europe and wider expansion into the offshore wind sector, according to Equitix.

Equitix works in partnership with all major utilities and turbine manufacturers across its approximately 6 GW offshore wind generation fleet, the company said.

The Gode Wind 1 offshore wind farm, located 45 kilometres from the coast in the German North Sea, comprises 55 turbines with a total installed capacity of 330 MW and is part of Gode Wind development.

Gode Wind 1 and Gode Wind 2 were officially inaugurated in 2017 while Gode Wind 3 produced its first power in May 2024. Upon completion, the wind farm development is planned to have a combined renewable energy capacity of 900 MW.