Dublin-based Greencoat Renewables is acquiring an additional 22.5% stake in the Butendiek offshore wind farm in Germany’s exclusive economic zone in the North Sea.

The 288-megawatt wind farm comprises 80 Siemens Gamesa 3.6MW turbines, and has been operational since 2015.

Greencoat, together with funds managed by Schroders Greencoat LLP, will pay €168 million (US$176.16 million) for the shareholding. It is being acquired from Marguerite Pantheon, an investment vehicle in which the sole investor is Pantheon, a specialist private markets investor.

Greencoat is part of the Schroders group. Schroders Greencoat LLP is a specialist manager dedicated to the renewable energy infrastructure sector, with £9 billion (US$10.88 billion) in assets under management.

Greencoat acquired an initial 22.5% stake in Butendiek from Marguerite Pantheon in February 2023.

Butendiek recently entered into a new power purchase agreement with a large multinational for 62.5% of the output of the wind farm for a period of six-and-a-half years. The PPA covers around 700 gigawatt hours per year.

The latest Butendiek investment is subject to regulatory approval, and scheduled to be completed this November.