Eurowind Energy has acquired two onshore wind projects in Brandenburg and Mecklenburg-Western Pomerania with a combined capacity of 86.7 MW. Both already hold permits under Germany’s Federal Immission Control Act.
The Brandenburg site comprises seven turbines totalling 43.5 MW. The Mecklenburg-Western Pomerania project accounts for six turbines and 43.2 MW.
The company framed the transaction against a difficult market backdrop of higher financing costs, regulatory change and intense competition for permitted assets. “The successful acquisition of these two permitted wind farms shows that we remain able to act even in a demanding market environment and that we are consistently implementing our growth strategy,” said David Christopher Stahl, Managing Director for Germany.
Eurowind Energy’s balance sheet strength rests on its long-term partnership with Blackstone, which the company says allows it to buy projects at varying stages of development as well as operating assets and existing wind farms. “Our capital strength and our many years of experience enable us to take over projects flexibly and develop them further successfully,” Stahl added.
The developer, which is active in 16 European markets, builds and operates wind, solar and hybrid projects and handles them from initial site control through planning, permitting, construction and long-term operation.
Permitted-but-unbuilt projects have become a distinct asset class in Germany, where the permitting queue has lengthened and developers with cheaper capital are increasingly buying consented pipelines rather than originating them. Both acquired sites sit in the north-east, the part of Germany where onshore build-out is most closely tied to grid capacity in the Baltic corridor.
