Foresight acquires 50 MW German onshore wind portfolio from wpd AG

Foresight acquires 50 MW German onshore wind portfolio from wpd AG

 

Significant acquisition consolidates Foresight’s position as a leading investor across the international renewables spectrum

 

  • Foresight’s first wind acquisition in Germany, in partnership with KIS
  • Foresight continues to grow European wind portfolio with over 150 MW of capacity acquired in last nine months

 

London, 8th January 2019: Foresight Group (“Foresight”), a leading independent infrastructure and private equity investment manager, is pleased to announce it has completed the acquisition of the 45 MW Krackow and 5 MW Seubersdorf windfarms, respectively located in Mecklenburg – Western Pomerania (north-east Germany) and in Bavaria in southern Germany. Foresight has made this acquisition in partnership with Korea Investment & Securities (“KIS”).

 

The acquisition heralds the continuation of Foresight’s international renewables growth strategy and is its first wind acquisition in Germany.  It sees Foresight’s wind portfolio further expand following acquisitions in 2018 of the 83 MW portfolio from Belltown Power, the 14 MW North Pickenham site in Norfolk, and the 12 MW portfolio in Northern Ireland. It also marks its further expansion into Germany following its investment into a portfolio of AD plants previously owned by Lindhorst Gruppe in June 2018. 

 

The two windfarms have been acquired from a subsidiary of wpd AG (“wpd”), one of Europe’s leading wind energy developers and operators, who managed the original development, financing and construction of the sites. The Krackow windfarm has been operational since Q4 2015 and comprises 15 Vestas V112 wind turbine generators with Vestas also providing long-term O&M services. The Seubersdorf windfarm has been operational for one year longer, commissioned in Q4 2014, and consists of two GE 2.5-120 WTG turbines with GE as the long-term O&M provider. 

Both projects benefit from ongoing operational management services provided by wpd windmanager, a wholly-owned subsidiary of wpd, and receive 20-year, fixed revenues under the German Renewable Energy Act (“EEG”).

The acquisition consolidates Foresight’s position as a leading investor across the renewables spectrum with wind generation assets under management now 165 MW, complementing the 1.1 GW generated from global solar projects and 115 MW from UK and European bioenergy projects, on top of the 45 MW of utility scale battery storage and 160 MW of reserve power assets. 

Foresight, which opened its Seoul office in early 2018, has been working with Korean investors for almost two years, having made its first renewable energy acquisition on behalf of KDB KIAMCO and Hanwha Energy in Australian Solar in February 2017, since when it has made further solar acquisitions on behalf of Korean investors in Australia and the UK.

Carly Magee, Partner, Foresight Group said: We are delighted to have completed the acquisition of this sizeable German wind portfolio and to have established a relationship with wpd, one of the leading wind developers in the world and an excellent counterparty to work with.”

Bernard Fairman, Chairman of Foresight added “This significant acquisition further strengthens Foresight’s diversified energy infrastructure portfolio of renewable generation technologies and supporting infrastructure.  We are pleased to have entered the German wind market, to continue to partner successfully with Korean investors and to have consolidated Foresight’s market-leading renewables investment presence in Europe.”

Jason Sim, Head of Energy & Infrastructure Team of KIS commented: “We are delighted to have collaborated once again with Foresight on the acquisition of the wpd wind farms.  This is our first German wind transaction and it has been a pleasure to work alongside the experienced team at Foresight and together we expect to explore further renewable opportunities in Europe and globally as we grow our portfolio of overseas infrastructure assets.”  

Foresight was advised by Osborne Clarke (legal), K2 Management (technical) and PWC (financial and tax).

 

ENDS

For more information contact:

Ben Thompson, Foresight Group: bthompson@foresightgroup.eu / +44 (0)20 3667 8155

Carly Magee, Foresight Group: cmagee@foresightgroup.eu / +44 (0)20 3667 8100

 

About Foresight Group LLP

Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.

Foresight has some £2.8 billion of Assets Under Management across a number of institutional and UK retail funds.

Foresight is a leading renewables infrastructure investor with over £2 billion of energy infrastructure assets under management. Foresight currently manages more than 140 renewable generation assets globally, with a total generating capacity of 1.6GW.

In Solar, Foresight has invested in over 100 solar plants and has more than 1.1GW of solar generation assets under management around the world.

In Wind, Foresight has more than 165MW of wind generation assets across the UK and Germany.

In Bioenergy, Foresight manages 32 waste projects with 115MW baseload generating capacity, processing over 1.8 million tonnes of waste per annum, having mobilised some £1bn of capital investment.  The projects when fully operational will divert some 800,000 tonnes of waste from landfill every year, saving more than c.600,000 tonnes of CO2 emission every year.

In addition, Foresight manages 160MW of Reserve Power assets and two utility scale Battery Storage projects providing 45MW of Enhanced Frequency Response (“EFR”) services to National Grid.

Foresight is headquartered in London with regional offices in Manchester, Nottingham, Milton Keynes, Leicester and Guernsey and international offices in Sydney, Rome, Madrid and Seoul.

www.foresightgroup.eu

 

About wpd AG

wpd develops and operates onshore and offshore wind farms around the world, and is actively engaged in 18 countries; the head office is in Bremen.

In the last 20 years, the company has realised projects with 2,180 wind turbines and an output of 4,400 MW in total.

wpd is currently planning projects in the order of 8,050 MW onshore and over 5,300 MW offshore around the world. www.wpd.de

 

About Korea Investment & Securities (“KIS”)

KIS is one of the top three investment banking and securities companies in South Korea, with an equity size of more than c. $4 bn.

It was originally established in 1974 and now it has more than 2,500 employees.

KIS is the representative overseas infrastructure investor in South Korea and aims to be a leading financial institution in Asia.