APG buys majority stake in Merkur Offshore

Dutch pension investor APG announced the acquisition of a 64% stake in Merkur Offshore, a large wind farm in the German North Sea.

The acquisition is made on behalf of its pension fund client ABP.

The recently completed wind farm, with a capacity of 396 MW, is fully operational and provides enough renewable energy for the equivalent of 500,000 Dutch households.

The project will save about 18 million tonnes of CO2 equivalent over its project life.

The remaining 36% of the wind farm will be acquired in partnership with funds managed by InfraRed Capital Partners Limited.

Patrick Kanters, managing director global real assets at APG: “As a pension investor, we are continuously looking for attractive, responsible infrastructure investments worldwide that help us realize stable and long-term returns for ABP and other pension fund clients we work for.

“Our investment in this large wind farm Merkur Offshore, on behalf of ABP, fits the core of our strategy.

“Not only do we expect solid returns, it also marks a major step in the growth of our renewable infrastructure portfolio, providing sustainable energy to hundred thousands of households.

“We look forward working together alongside InfraRed in the years to come.”

David Daum, senior vice president, private infrastructure Europe, Partners Group, said: “We are very proud to have supported Merkur through its key value creation period, from development project to fully operational core asset.

“Renewable energy not only continues to be a transformative trend within the infrastructure asset class and an important component of Europe’s future energy security, but it is also a key focus of Partners Group’s infrastructure investment strategy.”