OFFSHORE: ​Indicative offers lodged for 330 MW Gode Wind 1 German offshore wind stake

Glennmont from Nuveen has received non-binding offers for its 25% interest in the 330 MW Gode Wind 1 project in the German North Sea, it is understood.

The fund manager purchased the holding from Global Infrastructure Partners (GIP) in H1 2019 via the Glennmont Clean Energy Fund III, and subsequently earlier in 2024 opted to put it up for sale with RBC mandated to run the disposal.

The fund manager took non-binding offers last week and is now in the process of shortlisting parties ahead of launching a second round of bidding, according to market sources.

The exact identity of the bidding parties is not yet known, although Greencoat Renewables, Luxcara and Octopus Energy, among others, have all been recently acquisitive in the North Sea offshore wind space.

Gode Wind 1 entered operation in 2017 and is co-owned by original developer Orsted (50%) and LSE-listed TRIG (25%), with the latter having purchased its interest in the project at around the same time as Glennmont.

GIP acquired its holding in Gode Wind 1 in September 2015 for EUR 780m, financing the investment with a EUR 556m, 10-year bond issuance taken up by Talanx (EUR 300m) and a consortium of other German insurance companies and asset managers.

Orsted constructed Gode Wind 1 under an EPC contract, commissioning the facility in mid-2017. It will provide long-term O&M services under a 20-year contract.

The project is located around 45km from the coast, consists of 55 Siemens 6 MW turbines, and will receive fixed feed-in tariff support through to 2026.

*This story was originally published exclusively for NPM Europe subscribers last month.

NPM Europe is a leading data, intelligence and events company covering the European renewable energy market for the development, financing, M&A and corporate community.