Saint-Brieuc sale

Press release, 20 March 2020

Green Giraffe is now able to formally announce the sale of RES’s 22.5% stake in Ailes Marines to Spanish utility Iberdrola, which closed on 9th March. Ailes Marines is the special purpose vehicle developing the 496 MW Saint-Brieuc French offshore wind project. The project is permitted and has been awarded a feed-in tariff in round 1 of the French offshore wind tenders in 2012.

“Green Giraffe had supported RES during almost 3 years with a dedicated project team fully committed, responsive and providing high quality advice allowing RES to maximize its value “ commented the RES France Managing director. “We look forward to further supporting utilities and investors in the French offshore wind space and beyond” claims Jérôme Guillet, managing director of Green Giraffe. “Receiving full recognition of the commercial value of the project, even at an earlier development stage is at the core of what we do at Green Giraffe, to the great benefit of our clients”.

This marks the involvement of Green Giraffe in yet another French offshore wind farm, a market in which we now have considerable experience. Back in 2011, we supported Eolien Maritime France (EMF), owned at the time by DONG (now Orsted) and EDF EN (now EDF RE), when they were awarded 1.5 GW of offshore wind projects in auction rounds 1 and 2. In 2015, we were involved in a buy-side mandate with a strategic investor on the sale of a minority interest in EMF. In 2019, we successfully supported Sumitomo for the acquisition of a minority stake in two French offshore wind farms (Les Eoliennes en Mer), that were divested by Engie, EDPR and Banque des Territoires.