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Ocean Winds, the 50:50 joint venture owned by EDPR and ENGIE, and Allianz Global Investors have completed the transaction through which Allianz acquired a 20.25 per cent stake in the îles d’Yeu & Noirmoutier offshore wind farm in France.
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The global investor bought the minority stake for an equity value of EUR 200 million, implying an enterprise value of EUR 5.6 million per megawatt, according to Ocean Winds’ announcement of the sale agreement from October.
Following the transaction, îles d’Yeu & Noirmoutier is owned 40 per cent by Ocean Winds, 20.25 per cent by Allianz, 29.5 per cent by Sumitomo, with Banque des Territoires holding a 9.75 per cent stake and Vendée Energie a 0.5 per cent stake.
The 500 MW offshore wind farm, located off the coast of Vendée, will consist of 61 Siemens Gamesa 8.2 MW turbines. The final investment decision was made in April 2023, moving the project into the construction phase.
The first wind turbine was installed in May this year, and the wind farm generated its first power in June.
Currently, over two-thirds of the turbines have been installed and are supplying renewable electricity to French households, Ocean Winds says.
The grid connection infrastructure for the 500 MW offshore wind farm, comprising both offshore and onshore components, has been developed and is operated by France’s transmission system operator (TSO) Réseau de Transport d’Électricité (RTE).
îles d’Yeu & Noirmoutier benefits from a 20-year fixed inflation-linked feed-in tariff (FiT), providing long-term revenue stability, according to the developer.
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Ocean Winds, the 50:50 joint venture owned by EDPR and ENGIE, and Allianz Global Investors have completed the transaction through which Allianz acquired a 20.25 per cent stake in the îles d’Yeu & Noirmoutier offshore wind farm in France. The global investor bought the minority stake for an equity va
