We are delighted that Ørsted and Glennmont partners have completed a transaction which makes Glennmont Partners a 50% owner in the Borkum Riffgrund 3 offshore wind farm.
With a total capacity of 900 MW and 83 turbines, Borkum Riffgrund 3 is set to become one of the largest offshore windfarms in German waters. Ørsted has also signed a number of long-term power purchase agreements (PPAs) for Borkum Riffgrund 3, including a 25-year PPA with BASF which is one of the longest fixed price PPAs for offshore wind globally.
We are proud to have supported Ørsted in this milestone project. Baringa’s role on supporting the sale has included:
- Revenue projections for the German offshore wind power (i.e., site-specific capture prices, negative price risk analysis, ancillary services and guarantees of origin revenues, imbalance costs projections)
- Provision of a detailed sell-side transaction report
- Provision of continued Q&A support for the buy-side
Dr. Simon Tywuschik, one of the leading power market experts for Continental Europe at Baringa said: “It is truly fascinating and encouraging to witness how both the up- and downstream sector are jointly driving and promoting the energy transition in the offshore space. We are proud to have assisted Ørsted on this exemplary project and envisage this will see many more like this during this crucial decade of climate action.”
To learn more about our transaction advisory work in Continental Europe, please get in touch with Simon Tywuschik and Manuel Eising.
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