An Article 9 fund advised by EB – Sustainable Investment Management GmbH (EB-SIM) is acquiring 75 percent of a 33-megawatt wind farm portfolio in Saxony-Anhalt from Danish developer and operator European Energy. The turbines are already in operation. They are part of a successful repowering initiative by European Energy in Germany, in which older turbines are replaced by modern turbines with a higher output. The turbines benefit from the German EEG feed-in tariff and contribute to the expansion of the German renewable energy infrastructure.

“Germany is and will remain an attractive market for energy from renewable sources,” says Dr. Bernhard Graeber, Managing Director at EB-SIM, which specializes in sustainable investments. “By 2030, 80 percent of the country’s electricity consumption is to come from renewable sources. Wind power is an elementary component of the energy transition and therefore a worthwhile target for sustainable investments.”

The transaction includes an investment in the project companies EE Drei Hügel GmbH & Co KG and EE Nautschketal GmbH & Co KG. The overall project is to be classified as compliant with the EU taxonomy as it makes a significant contribution to climate protection and adaptation to climate change. It complies with the “Do No Significant Harm” criteria and the “Minimum Safeguards”. The investment will save around 19,000 tons of_{CO2 equivalents} per year, based on the German electricity mix.

The project’s wind turbines were all built by the renowned German manufacturer Enercon. There are also 20-year service and maintenance contracts with Enercon.

European Energy will retain a 25 percent stake in the assets and will continue to manage the technical and commercial operations. “This divestment reflects our continued ability to execute our asset rotation strategy while remaining strongly committed to the German market,” said Jens-Peter Zink, Deputy CEO of European Energy, commenting on the transaction.

The parties have agreed not to disclose the purchase price.