Watson Farley & Williams (“WFW”) advised an international consortium comprising Commerz Real, Ingka Investments and KGAL in connection with their joint indirect acquisition of the remaining 20% stake in the Veja Mate offshore wind farm from Siemens Financial Services .
Located approximately 95 km northwest of the North Sea island of Borkum, Veja Mate has a total installed capacity of 402 MW and is Germany’s third largest offshore wind farm. It comprises 67 Siemens wind turbines of 6 MW each and has been operational since 2017. Since commissioning, the wind turbines have been producing sustainable electricity and saving around 950,000 tonnes of carbon dioxide per year. The acquisition was completed through the acquisition of 20% of the operating company of the Veja Mate offshore wind farm, Veja Mate Offshore Projects GmbH (“VMOP”).
In 2019, a consortium consisting of Commerz Real, Ingka Investments and KGAL with ALH Group (ALH Group being advised by the investment adviser wpd Invest) had already, also indirectly, acquired 80% of the shares of VMOP. With the completion of this final acquisition, the consortium’s joint venture, VM Offshore Beteiligungsgesellschaft mbH (“VMOB”) now owns 100% of the shares of VMOP.
Commerz Real is a subsidiary of Commerzbank AG, Germany’s second largest listed bank with approx. €34 billion in assets under management; as a real estate asset manager, Commerz Real focuses on investment products in the real estate, infrastructure and renewable energy sectors. Ingka Investments is the investment arm of Ingka Group and a strategic partner for investments in renewable energy projects, Ingka Group also being the largest IKEA franchisee in the world. KGAL is a leading independent investment and asset manager with over €16.5 billion in real assets under management; the group sources, executes and manages long-term real estate investments for institutional and private investors in real estate, sustainable infrastructure and aviation.
The Hamburg-based WFW Germany team that advised the buyers on the acquisition was led by partner Dr Marcus Bechtel, working closely with fellow partners Verena Scheibe, Dr Christine Bader and Dr Stefan Kilgus who respectively provided tax, regulatory and financial advice. They were assisted by Corporate Of Counsel Torge Rademacher and Associates Jakob Paluszkiewicz (Finance), Michel Dohmen and Tarek Fadl (both Corporate) and Manuel Rustler (Tax).