REpower Systems and Denker & Wulf announced today their agreement to sell one of Germany’s largest wind farm portfolios. GE Commercial Finance Energy Financial Services agreed to buy four wind farms from Denker & Wulf and one from REpower Systems for €135.5 million ($164.5 million), including the assumption of debt.
The sale, the second of a wind portfolio by REpower and Denker & Wulf, is subject to satisfaction of various conditions, including governmental anti-competition review.
The wind electricity generation projects – in Grossvargula, Zabelsdorf, Premslin-Kribbe, Falkenwalde and Heckelberg-Breydin (eastern Germany) – comprise 66 REpower MD turbines, each with 1.5 megawatts of rated power, for total electricity production of 99 megawatts.
At the Heckelberg-Breydin wind farm, ten of 18 turbines are generating electricity; the remaining eight are scheduled to come on stream at the end of September of this year. Electricity produced by the wind farms is sold to regional electricity grid operators. Once fully operational, the wind farms will produce enough energy annually to power 60,000 homes and will save approximately 200,000 tones a year in greenhouse gas emissions, measured against equivalent fossil fuel generation.
Andrew Marsden, Managing Director of GE Commercial Finance Energy Financial Services’ European operations, said: “This transaction represents our biggest commitment to wind energy investment in Europe and supports our strategy to grow in Europe and renewable energy.”
Energy Financial Services’ European Executive Director and transaction leader, Mark Jones, added: “Germany is a key growth area for us because it is Europe’s premier wind energy market, with installed capacity of more than 16,600 megawatts.”