Feb. 8 (Bloomberg) — The Marguerite Fund, a European
Investment Bank-backed investment fund, acquired a 22.5 percent
stake in a 1.3 billion-euro ($1.7 billion) wind farm off
Germany.
Marguerite bought the holding in the 288-megawatt Butendiek
project from Germany’s WPD AG, the Luxembourg-based fund said
today in an e-mailed statement, without disclosing terms. Two
Danish pension funds and Siemens Financial Services also
purchased stakes of the same size, leaving WPD with 10 percent.
The acquisition marks Marguerite’s first investment in
Germany. The country, which is phasing out nuclear generation,
has lured funds for clean-energy projects as it seeks to get as
much as 40 percent of its power from renewables by the end of
the decade, up from about 25 percent now.
The fund expects construction of the Butendiek facility in
the North Sea to start early next year, with all turbines
installed by mid-2015. Once operational, it will provide enough
electricity to power about 370,000 homes, the statement shows.
Marguerite obtained more than 850 million euros in debt
financing from nine banks led by KfW Ipex-Bank GmbH, UniCredit
SpA and Bremer Landesbank.
To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at
landberg@bloomberg.net
