Veja Mate announces divestment

Press release, 13 February 2019

Divestment of Veja Mate offshore wind farm

Green Giraffe is pleased to announce the successful closing of project Paragon, the divestment of an 80% stake in the Veja Mate offshore wind farm to a consortium composed of funds managed by Commerz Real, Ingka Group, wpd invest, and KGAL.

Green Giraffe and FIH Partners acted as exclusive financial advisors to Highland Group Holdings, Siemens Financial Services and Copenhagen Infrastructure Partners, through Copenhagen Infrastructure II K/S (“CI-II”), who have jointly owned and managed the project since financial close in June 2015. Siemens Financial Services will retain a 20% ownership stake in the project and CI-II will remain a lender to Veja Mate.

Veja Mate is a 402 MW offshore wind farm located in the German North Sea, approximately 95 km off the island of Borkum. All 67 Siemens turbines were successfully commissioned in May 2017, take-over occurred in October 2017 and project completion was reached in early February 2018. The divestment follows the successful restructuring of the EUR 1,277 M senior facilities, which occurred in June 2018. 

The value of the transaction is not disclosed.