Published on August 11th, 2016 | by Joshua S Hill0
Vattenfall Acquires German Global Tech II Offshore Wind Farm
August 11th, 2016 by Joshua S Hill
Swedish energy giant Vattenfall has announced it has acquired the Global Tech II offshore wind farm this week, cementing its intentions to expand its renewable energy production.
Vattenfall announced on Wednesday that it had acquired the Global Tech II offshore wind farm from Erste Nordsee-Offshore-Holding, a joint subsidiary of Austrian STRABAG SE, and indirectly Etanax GmbH. The up to 79 turbine project doesn’t have a lot of details attached to it yet, and the companies similarly agreed to withhold the purchase price of the acquisition.
“The acquisition underlines once more that our growth ambitions in wind are under full steam,” said Gunnar Groebler, Senior Vice President and Head of Business Area Wind at Vattenfall. “As a company we are on a good way to reshape our generation portfolio towards more renewable energies in all our markets.”
Global Tech II is being developed in the German North Sea, approximately 85 kilometers north of the island of Borkum. The project has space for up to 79 wind turbines spread out across 47 square kilometers. Some reports suggest that the minimum size wind turbines to be installed would be 5 MW — resulting in 395 MW — but other reports have suggested that 7 MW turbines could be used, which would see a total capacity of 553 MW.
However, full realization of the project is entirely reliant upon Vattenfall acquiring a capacity contract in upcoming German tendering auctions, set for March 2017 and March 2018.
“With Global Tech II we also send a signal that we strongly believe in the German market,” Gunnar Groebler added. “In particular we consider the new German tender system beneficial to the development of wind as it is more cost efficient, which will also lead to further acceptance of this effective and renewable power generation.”