Case study

Acquisition of 312MW German offshore project Borkum Riffgrund 1

Enera Partners was the exclusive financial adviser for Greencoat Renewables PLC in the acquisition of German offshore project Borkum Riffgrund 1

The challenge

Enera Partners assisted the client in the acquisition of 50% of the 312MW operational offshore wind project Borkum Riffgrund 1, which is located in the German North Sea. The 50% ownership stake was acquired from KIRKBI (31.5%) and William Demant Invest (18.5%).

Borkum Riffgrund 1 is located in Germany’s exclusive economic zone in the North Sea and consists of 78 SGRE 4.0MW turbines that have been operational since 2015. The wind farm was developed and constructed by Orsted who will remain as 50% owner and continue to provide operation, maintenance, and management services to the wind farm under a long-term contract.

The solution

Enera Partners acted as the exclusive financial adviser to Greencoat Renewables, overseeing the entire acquisition process, including coordination with the vendors and their advisers.

Enera Partners assisted the client in selecting key due diligence providers, coordinated their efforts, built a financial model for initial evaluation purposes, and provided inputs for the business case and valuation. Furthermore, Enera Partners supported the client in preparing all bid documentation as well as devising the internal bid strategy leading up to the bid submissions.

The Impact

The thorough preparation by Enera Partners and the client resulted in a pre-emptive bid, securing exclusivity in the process.

Enera Partners' extensive experience and expertise in renewables played a critical role in delivering a professional and detailed pre-emptive bid, ensuring deal certainty. Enera Partners also provided valuable input and support during the negotiation process, leading to a successful outcome for the client.